The most recent intraday price swing on the indexes was amazingly smooth and I had to highlight its recent development:

It’s almost as if someone threw a ball into the air, watched it slow down before its ultimate peak, and then is watching it returning back to earth.

Typically you see deeper swings in the market rather than one virtually continuous pathway.

The 15-minute chart makes this a little clearer:

There may be a continuation move up near the 50 period MA support at $124.50, which would set up a most interesting bull flag, but this little swing may just retrace a little larger percentage of the ‘pure swing’ or ’round swing.’

Either way, it is an interesting price development, and one we don’t see often.