Best Rally in a Supporting Role

For the rest of the session into the weekend, we are keying in part off the SPY 10-minute chart, below, illustrating the significance of the $195.50 area since the open today. 

As we speak, crude oil flipped red and is considering staying there as many parts of the market are seeing the effects of a narrow, sluggish trading session set in via fades. A little light backing and filling may help to form better long entries. But, for now, the morning chasers are under the gun a bit.

Also note the weakness in "safe" parts of the market, like utilities. 

Still, bulls may regroup before the bell. We have a few exciting outperforms on watch for Members. 

Overall, the issue is whether this rally is still bound to fall apart, operating in a counter-trend or supporting role to the dominant trend down in 2016.