We finally got a healthy dose of correction. SPY gapped-down below the previous day's low (also S2) and didn't even bother testing the gap.
Here's the first 2-hours on a 1-min.The dollar rally (and resulting correction in commodities) seems to be the excuse for today's sell-off/correction.
SPY registered a most recent momentum low (going back to May 21st)When all else was down and moving sideways, UNG was having an up day. It based around it's first impulse move up before putting two more impulse moves in (3-push).Though price keeps pushing up in UNG the 30-min is showing a bearish momentum divergence.As TLT double-topped today around $91 I'll look into some upside in TBT tomorrow.
Nice how AMZN, AAPL, GOOG, et.al. sit right on their 20-EMA.
Keeping with the theme of the above chart; the Q's show a healthy pullback to the 20-EMA on relatively low volumeAs far as I can tell, I think the ultimate trajectory in equities will lie in the direction of the dollar/commodities. For now most things are sitting on their 20-EMA, it can go either way. Whereas SPY put in the highest close of this entire range on Friday, today it put in the lowest close of this entire range...a regular which-way-do-we-go-George scenario.
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