I wouldn't be surprised to see a double top develop. Watch the 5 day MA intraday, for support. If a double top forms, we could see some fast selling.
The $USD bounced back today as we discussed last night. That accounts for the weakness in precious metals. Although the greenback failed to hold most of its gains into the close, it stopped the bleeding from last week and manged to close slightly above its 50 SMA.
NQ emini futures trade. Long on break of bull flag. Exit after higher prices fail to print red price bars, indicating a loss of momentum. Wish I had shorted, but was not expecting such a big afternoon slide, given the early momentum.
Early strength was faded, as many commodity names had moved too far, too fast. By EOD we had a lot of bearish shooting stars and doji shooting stars
MIPS broke out and held most of its gains into the close.
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