SPY filled the gap at open but reaction bounce didn’t last as it closed almost back to low of the day and under short term momentum moving average 8 EMA.
Even though SPY closed down slightly , it is not showing the underlying weakness in many individual names and sectors.Not seeing many leadership stocks and sectors as market breadth( Number of advancing stocks vs. number of declining stocks) continues to deteriorate. Choppy. sloppy run in many names and getting fizzled fast. We are back to hit and run trading mode , take gains fast while we have them until market gets some footing again.
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