I find today's sector chart more interesting than market-wide price action with Semi's (SMH +2.53%) and Energy (XLE + 0.26%) outperforming the likes of Financials (XLF -3.23%) and Consumer Discretionaries (XLY -1.42%). That said, the broader market is holding up fairly well given an increasingly negative adjusted cumulative tick with S1 providing strong support thus far. Should that break, I'd look next to the rising 5-day moving average for possible support (SPY $127.45). However, as long as the downtrend from late yesterday afternoon remains intact, I'd say odds favor the shorts.
10:20AM PST UPDATE: Got a bit of a break through that trend line; I'm not particularly optimistic, but we'll see if it can hold. Watch Energy, the AD line and VWAP for additional clues.
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