Today marks the beginning of either a mild retrace or a choppier consolidation range, in my opinion. Because this is only the first minor test, buyers have been quick to put in a floor and have subsequently bid price back up to the rising five-day moving average. While this reaction may bring us into the low-SPY $115s, the VWAP at that same level could provide initial strong resistance with down volume and the AD line as negative as they are. Note that tomorrow is an FOMC day.
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