SPX carved out NRIB (NR7) on lower volume which implies price/volume contraction ahead of expansion. Direction is not clear with the 50 DMA hovering over price. We are overbought. Keep a close eye on the VIX as it tests the lower side of the symmetrical triangle.
The $USD has weakened and gold/energy/commodities are bouncing.
3 comments:
Jamie,
I'm getting the feeling that we're gonna muddle around here for a while.
You?
-DT
DT,
It looks that way. I'd like to see us go back and fill the gap from 4 days ago and continue the uptrend from there. USD weakness today getting in the way.
Yup, muddy day thus far.
Let's see what happens at the end. Volume dead.
-DT
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