SPY shows resilience with limited downside despite yield pressure; upside continuation depends on breaking the declining trend line.

First up into the spiders. You can see here down 0 21%. But you notice the high. We were all the way up here above this declining trend line. Let's look at the 10-minute chart to really see what happened in the course of the day. Now guys, you could see we were green all up until this final red 10-minute candle. This was a rosy day with all of that inflation data. As I mentioned, that was really keeping the markets buoyant. And then if you flipped up just to look at the markets at the very end of the day, you would have said, "Oh, it was a red day." But guys, that was just one 10-minute candle. The entire day in the markets, we were in the green. Matter of fact, we gapped up off of that pre-market news and continue moving higher. At one point, look, we were doing our best to maintain again above that declining trend line. Notice how we just pivoted right off of it at 10:40 this morning, going back to the daily time frame. That would have been a big uh uh deal for the S&P 500 to get through those economic reports and then still remain bullish and pushing up near-term above that uh declining trend line. Now, we find ourselves basically back here close somewhat very close to where we were yesterday. So, the good thing is though, the markets are getting through these times of stress and tests without really selling off. Now, yes, we didn't continue staying higher, but all in all, this wasn't that bad of a day when I was anticipating the the inflation numbers to be much worse than they were. So, I think a lot of investors, including myself, um were looking at this somewhat of a positive uh picture for the near term.

First off, with the SPY daily ETF, we see price action down today.18%. We closed here at 764 and 20 up about 50 after hours. Mainly though, guys, we didn't even get near nor touch this declining trend line. One of which price has really been interacting with uh about five out of the last six trading days. Instead, sending price a little bit lower and still closing within this range. So, it wasn't that big of a down day. As I said, with the 10-year yield pushing up, we should have seen a little bit more selling pressure. We did not get that. That's telling them telling you the markets are being resilient, folks.