Dips have been bought the last three days in a row and today we will see if that trend continues. There is a short term pattern of lower highs below the 5 dma and that gives us reason for caution on the market, but unless the lows of 120.66 are decisively broken, the short term benefit of the doubt will go to the bulls. If we do see a break of that support then the next level of larger significance will be found at the trendline (also rising 20 day MA) near 119.55. The SPY is currently trading ~120.85, but it is above a rising vwap (which indicates there are net buyers) from the overnite session (looking at ES futures inset).
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