YoungAnalyst
Short

The index could be ready for a retracement

AMEX:SPY   SPDR S&P 500 ETF
77 0 1
1 - This is an effort to rise, but next candle is down. Not much result from the effort
2 - Narrow bar on new high and increasing volume: buyers are finding sellers up here
3 - Here we find support since the bar is narrow, volume increases and next candle is up
4 - Again, the effort doesn't produce a result and price falls, but the candle closes off the lows. This bar could contain buyers
5 - This is an up bar on very low volume (the lowest since January): if confirmed, this means that there aren't many buyers left and background is weak

This isn't enough to start a bearish market, but there is the possibility of a retracement
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