Price has pulled back significantly in the aftermath of the second anniversary of the bull. Today’s action has price at the bottom of its increasingly choppy multi-week range bereft with indecision and run’er up to lower highs then distribute type action. While the narrowing wedge appears set to resolve to the downside, as long as SPX 1,300 holds it’s difficult to call the move done. That said, if you aren’t on high-alert…. For the day, VWAP appears to be holding just below S2, which I’ll be watching closely into the close as potential resistance.
Separately, it’s good to be back from extended travels and I’d like to extend my sincere appreciation for all the ETF Prophet contributors who helped keep the site running in my absence. Good job gents.
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