It appears the SPYs may be trying to bottom. Consider these charts:
First, on the daily chart, prices are currently trending up the lower part of a Fib fan. In addition, they're hitting resistance at the 10 day EMA. However, the lower volume totals for the last four trading days indicate this is probably a relief rally to the move lower that occurred throughout May.
The 60 minute chart shows that the 130/131 price level is providing some support.
And the 30 minute chart shows that prices are consolidating in a triangle consolidation pattern. Resistance is around the 133 level and support is around the 129.5/130 level.
Oil is still trying to find a bottom. The 92.3 level provided some support for a few days, but prices have moved through that level. The rate of decline has lessened, indicating a bottom is probably closer, but we still haven't reached it yet.
The dollar is close to making an important technical break-through at the 22.7/22.8 area. A move through that level would make the 23.4/23.5 level the next logical upside price target.
