… however, the slope of those internals is as important as their relative levels. Meanwhile, the S&P’s daily pivot took on clear significance during this morning’s trade as we saw successive bouts of quick covering off that line on various upgrades, production numbers and the BP news. I don’t have a strong feeling for the p.m. session given the internals disconnect, but am thinking wide range day for now while granting that the recent uptrend channel remains intact while pushing overbought on a daily bar basis.
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