Morning folks futures looking a bit flat. Looks like we are in digestion mode off the big rally from spx 1250. Oil & gold both taking slight dip. If u look at the chart in USO oil tends to pullback quickly but run for a few days so we probably have more weakness ahead.
yesterday WAS a late day dump. took us down red for the day for some small losses. Within the action i didnt find anything to troubling. Market cosolidated all till the last hour or so where we took out some support. In the end we still are above spx 1300 which is more or less the “line in the sand” to tell us if we had a fake breakout or if this was just a relief bounce. the fact that we had overbought conditions along with a market that had gone up for many days having a slight pullback is to be expected. Follow through is always key so if u dont couple a pullback with breaks of support then they are just that.
