Is Profit Taking Upon Us or Just Head Fake? (SPY)
|5 min spoos|
Well we pushed to a nice round number of 1320 in the S&P’s today though could not for nearly 4 hours make any type of move but sideways with a downward skew. The 100 day sma was given up on the 5 min fairly easily, though the question is will profit taking commence… Or do we continue to move higher as buyers come out of the woodwork? And by buyers i mean primarily dealers. The Nasdaq which i noted in my previous post today has led this market higher and led this pullback.
Odd happening today, Gold flat with no reaction to dollar strength and weakness today. DX_F seems to trade in each afternoon after a strong up trending morning. The Dollar is still above the line in sand 78.