Monday, June 21, 2010

06.21.10 - Gap Fill Underway

Small Caps and the NASDAQ 100 have come back to their respective daily pivots. As short-term overbought as the market was, this opening gap was just too tempting to take profits on and or short. Many internals save Cumulative Tick remain net positive on an absolute basis, but at the mid-day they are obviously down sloping. I'll be looking for reversal/ end of trend anywhere between here ($112.10) and SPY $111.75 ("space" between Pivot and R1). If we do keep running lower, the rising five-day moving average about a quarter under that should provide even stronger initial technical support.

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