Price has found support in the mid-SPY $108 region near the Wednesday lows and just above the five-day moving average. Market Sentiment is holding in there, but internals are pretty bad, as you might imagine. In particular, down volume is hugely outpacing up volume, so for now I assume we will continue to struggle to surpass the VWAP and 500-minute moving averages in-turn through the balance of the day. I’ll be keeping a close eye on cumulative tick for any change in that regard.
