Intraday Look

The SPY found support this morning after consolidating the opening gap right at the intraday highs of yesterday’s session. Recall that yesterday’s late-day selling was seen after we were rejected at the those highs. As we are currently above that level, a gap fill is certainly at play up to yesterday’s open. In other words, the bulls have a very good opportunity to run this afternoon, and a failure to do so, or worse by falling back below that level, would be a flashing red light to me.

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