A Different Kind of View

The indices are mostly green in the early-afternoon portion of trading, save the small and micro-cap issues. Biotechnology issues also continue to lag. 

But the main issue, which we noted for Members in the pre-market Morning Prep Video, was the 2145-2150 test on the S&P 500 Index into the opening gap higher. 

On the S&P hourly chart, below, which offers perspective going back to Labor Day, note how we are coming at 2145-2150 from a different view. This time, we are testing it from the underside. Typically, this is a bearish setup when buyers blink at the scene of that key level. 

Buyers did just that this morning--Blink. But if bears do not press down they may let bulls back into the game for a late-day second round above. 

Banks faded as well. However, their chart structures are mostly still intact, such as BAC C JPM, meaning they remain in contention as longs if bears cannot so much as break them below their own 20-day moving averages. 

Another aspect about this market is the U.S. Dollar. We are paying close attention to which commodities are ignoring the greenback strength today, since that would likely indicate exceptional strength.