Higher crude and worrisome core PPI data weighed on the markets today. The NASDAQ managed to carve out a NRB hammer bar which may result in a reversal. The key elements to watch are the depth and choppiness of the retracement. On the 15 minute chart, I would look for prices to hold below the declining 50 period SMA in order to maintain the corrective bias.The S&P is a little more bearish with a deeper close today. The proximity to the lower trend line could provide support.
The CBOE is back above 1 which implies more put buying.
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