Twitter Ticker ($SPY)

• Charles Amadeus
• September 29th, 2009

Monday’s rally has neutralized the immediate bearish pressure, and the S&P 500 looks stable for the time being. Market breadth and volatility are heading in the right direction, but the strength in Treasuries and Yen suggests caution.

If $SPY can breakout and hold 106.56, the bulls will probably make a push for new highs. On the other hand, a move below 105.96 would suggest further consolidation and a potential retest of the 104 price range.

Trading in an uptrend above the 20sma gives buyers a bit of an edge, but since it remains between the Bollinger bands, buying pressure isn’t strong. With old favorites like $GMCR popping up on this screen, I’m still buying intraday breakouts in select stocks with short squeeze potential.