SPY SPX nearing at 262 resistance. Expect a pull back?

The bulls still need to prove themselves and are doing well today with 5.8% intraday gain with gap up market open on short term good news sentiment. We're building important support levels with the past week chart patterns but we are hitting important resistance level here at the 262/263s. If we reject, we go and retest higher lows or lower lows.

If we break through this important support levels, the bulls will be in a better shape.

If the resistance is rejected, momo shorts will pile back on. Will short if rejects 263

Commentaire:

The bulls pushed it through with impressive volume 625K on SPY at the 15:50:00 second mark. That's volume for that one second on the SPY ETF. Made all other seconds today seem less significant. Bears mauled starting at 15:49 for a solid 11 seconds selling. The bulls might be able to push this trough but we're RSI overbought on the 45 min and on the 30 min. Bulls appear to be proving themselves.