$SPY the markets continued this week carving out a range in between last weeks candle and ended with an inside week. You can see here on the 30 min chart we are making lower highs and higher lows which makes sense within the larger context of the inside weekly candle. A lot of people have opinions as to whether we are going to shoot back up and return to highs or roll over and begin erasing our january to april rally. I think its too early to predict the next directional move right now and I suspect we are going to spend considerably more time within this 160 to 165 range on the SPY
then most think. I think we can have some fakeout breakout moves in both directions but for now I think we need to do some more filling in before a sustainable move. A daily close below 160 or above 165 would begin shifting my opinion bear to bull respectively.