Price action quickly closed its a.m. gap but bounced on cue off the cradle of the 5-dma and 500-min ema for a nice rally to R1, which is acting as support for the SPY and a bit of resistance for the QQQQs. The later has been so beat up, if they can just break above that level, perhaps we can see a second leg higher in the afternoon session. I only wish I saw a bit more appetite for risk in support of that thesis (see Daily Sentiment Chart to right). The good news is that volume is stronger today — nearly on par with Friday’s trade. Huzzah!
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