The market has been all over the place this morning in range with good tradable tells provided by Cumulative Tick and the Advance Decline lines. After the the reversal from the new highs, however, the SPY came back to its daily pivot where it found sufficient support for a VWAP tag.
Internals are strong enough that I assume we hold above that pivot for the balance of the day, though we are obviously very extended here and I’d like to be seeing more new highs, which are suspiciously absent. Lastly, Energy and the Dollar appear to be exerting a large influence on daily trade, so continue to keep an eye on those two.
