We got our Monday pop within a dime to the 132 level on the SPY. Two failures at the 132 level along with a QQQ rejection at Friday high of 57.22 are opening the door for some correction to take place. The S&P 500 is still holding above its 50-day simple moving average on very light volume. The bulls are in good shape to regroup and make another push higher if we don’t fall too far into month end. Window dressing may be winding down as recent high fliers like AAPL, NFLX, APKT, SINA and BIDU saw some profit taking into the close.   We also had a string of gap ups, are we due for a gap down open?  If we get the anticipated mid-week dip, will the eager buyer show up for the new quarter?
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