The SPY met with resistance on the gap up this morning (as measured between the most recent swing high to low). Momentum registered higher on a lower price swing (Slingshot setup), but we didn't get much movement today.
AIG sold off this morning from the $29.50 level. Funny thing is, it closed right on top of the 78.6% retracement level (as measured between the previous impulse swing move and the highs at the bounce). Also, price barely measured a negative momentum reading (bullish divergence). We could very well see a snap-back in price, or perhaps a buyable gap down if that's the case in the morning.
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