After a waterfall start, the Advance – Decline line began to hold its ground about an hour into the day, and prices have been recovering ever since. As of the mid-day, the QQQQs have filled their loss, and the SPYs are close behind just beneath their five-day moving average. These last few days have been quite sloppy, and traders need to take note of a) how quickly the sell button was hit, and b) the persistent willingness to buy it back. Meanwhile, internals continue to improve though I’ll be watching that five-day for potential resistance very closely (say SPY $105.75).
