Moderate dollar strength on Q.E. II commitment queries has multiple asset classes taking a breather today with all equity internals pointing to further downside. For very near-term support, I will next look to SPY $116.80, approximately the twenty-day rising moving average. Granted, this could precipitate further selling playing off what have been building technical divergences going into the elections, but at this point we cannot call this a confirmed trend change.

Related posts:

  1. 08.11.08 – Equity In-Flows
  2. 10.06.10 – Taking a Breather
  3. 09.07.10 – Taking a Breather
  4. 10.28.09 – A Failure to Bounce
  5. Low VIX & the Equity Curve