SPY $110.35 proved strong technical resistance (again) today. On low volume, it was just too easy for chartists to line up the prior high and R1 floor level. Mr. Ice also noted an explosion in the Put/Call ratio right about there just before the give back.
On the other hand, the flattened 5-dma held today and flattened. It’s a fairly wide range, but a break of either end could run hard with gaps to fill in both directions, I suspect.
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