PurelyTechnical

Here's a look at the intraday charts...

Also check out the blog entry titled "Trouble at the Upper (daily chart) Bollinger Bands" published this morning.

Let's take a quick look at the 5-min, 15-min and hourly charts of SPY.

The hourly chart is the standout as far as the intraday charts are concerned.

The lower hourly BBand is falliing, which encourages a continuation of the downward move. RSI provided a negative centerline crossover, as we'd noted yesterday, and was the first little confirmation that things were going wrong for the bulls.

The negative 0-line crossover on hourly MACD, today, provides confirmation that the short-term trend is clearly downward - and that there is lots of room to the downside, if the bears are willing to properly take back the mantle.

The rising minor trendline, currently at 126.75 or so, is the first obvious target of any magnitude, although the 20-day MA - at 127.11 - should also be given its due.

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2:30PM update:

There has been a bit of a reversal over the past hour or two. Hourly RSI is at its centerline. The short-term trend will depend upon whether resistance is found at the centerline or if a positive centerline crossover occurs.