With all of the political unrest over the last few days, let's take a look at the SPYs to see how the equity markets are reacting.
On the 5-minute, 5 day chart, we see three primary movements. The first is a two-day upswing on Feb. 27-28, which included a big move on the 28th. This was followed by Monday's gap lower. But looking more closely at Monday's price action, we see a morning sell-off followed by a decent rebound in the afternoon. Finally, yesterday prices gapped higher, recovering Monday's losses. Prices also closed near the high of the day.
On the 30-day chart, we see prices have an upward curve. Starting on Feb. 24, prices moved more sideways, consolidating gains. On this chart, the last two days of activity appear as more of a blip.
Finally on the daily chart we see the primary uptrend that started in late June 2013 is still firmly intact. Also note prices have moved through key resistance in their latest rally, with the sell-off showing prices simply moving to the 10 day EMA. But the underlying technicals are still solid: the MACD is rising and the CMF shows a strong inflow of money, especially yesterday.