Following the Trend on the 60 Minute SPY Chart

Before I buy a stock, I like to briefly examine its intraday chart. The reason I do this is to make sure that the short-term trend is also up.

The chart below is a 60 minute chart of SPY. My method of analysis for a 60 minute chart is the same as for a daily chart. In this case, notice that the 50 hour moving average is rising, and above the 200 hour moving average, which is also rising. This is indicative of an uptrend.

I think that if the market can break out of this quadruple top formation, that would lend even more support to the bullish case: