Back after an Internet outage, so late post today. Market once again shows resiliency after the weak bond auction and overnight Asian performance. Nevertheless, we are now trading below the VWAP and under the (intraday) five-day moving average as down volume continues to build for the first time in weeks. Also note the first lower low and high in quite some time. It’s possible that the bounce off of SPY S1 was merely reflexive, so longs should continue to exercise caution into the close.
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