We finally got a healthy dose of correction. SPY gapped-down below the previous day's low (also
S2) and didn't even bother testing the gap.
Here's the first 2-hours on a 1-min.
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The dollar rally (and resulting correction in commodities) seems to be the excuse for today's sell-off/correction.
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SPY registered a most recent momentum low (going back to May 21st)
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When all else was down and moving sideways, UNG was having an up day. It based around it's first impulse move up before putting two more impulse moves in (3-push).
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Though price keeps pushing up in UNG the 30-min is showing a bearish momentum divergence.
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As TLT double-topped today around $91 I'll look into some upside in TBT tomorrow.
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Nice how AMZN, AAPL, GOOG, et.al. sit right on their 20-EMA.
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Keeping with the theme of the above chart; the Q's show a healthy pullback to the 20-EMA on relatively low volume
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As far as I can tell, I think the ultimate trajectory in equities will lie in the direction of the dollar/commodities. For now most things are sitting on their 20-EMA, it can go either way. Whereas SPY put in the highest close of this entire range on Friday, today it put in the lowest close of this entire range...a regular which-way-do-we-go-George scenario.
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