The bulls showed up late and prevented a third down day in a row. But the selling has been pretty orderly and sparks more of consolidation of the recent run. I would expect more backing and filling in the near term. Fear that high of the year is in or we are in for several more weeks of consolidation are again creeping in.
Thursday the SPY managed to close at a 5-day low after 16 days without doing so. This triggered the study below, which I last showed on the blog May 25th.
Stocks continued higher with intraday 0.5% pullbacks to recharge. It could be tough for the bears into year end. Apple earnings and FOMC early next week could add fire to an already strong market.