Intra-Day Consolidation Could Lead To Late-Day Breakout (SPY)

The major averages have been consolidating for much of Tuesday's trading day, after a strong push higher during the first hour of the session. The S&P has been putting in low volatility bars just beneath the 1,355 level. If the bulls can remain in control going into the last hour of the day, we could easily see a sharp breakout to the upside as buyers become more aggressive into the close. Currently, the SPDR S&P 500 ETF

has gained 0.54% to $135.45 on the session.