What a difference three days makes?! R2 held as SPY support during the initial gap fill effort. It was a good trade, but the trend remains higher into the PM session. The big however, is that we are pushing hard into overbought territory in terms of both price and volatility. Let’s see how price behaves near the VWAP of $110.50 here, noting that the marginally declining 200-day simple moving average is about a dollar and a quarter above.
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