That was quite a tradeable dive to the twenty-day moving average on the SPY ($107.10), and S1 levels for the QQQQ and IWM, respectively. Tells included the Financial’s under-performance, the cooling of the AD line and Tick, and finally the fast break higher in the VIX as price slammed the daily pivot. At the mid-day we have found temporary support at those levels and are attempting to stabilize. By the same token, the SPY is struggling to break back S1, so we’ll see. This leaves us a bit oversold even as the intermediate MACD and 52 Week Highs – Lows look to have rolled over.
