Thursday, June 3, 2010

06.03.10 - Retail Sales Reversal

Equities gave up yesterday's closing squeeze and are now challenging the daily SPY pivot. Expectations for tomorrow's jobs number are awfully high and traders will see right through any government census induced push -- it's not really surprising to see some profit taking ahead after such a mega-gain yesterday, is it?

I will note that the SPY $111-111.50 200-day moving average reject on a resistive volume spike this morning was fairly classic:
mrkt_rwnd Resistive Volume Spike at anticipated $SPY $111 Level #mkt

1 comment:

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