It didn't take long for the trade of the day to setup and it was a beauty. A minor low look down below yesterday's range lows that reversed right at 7:30 and the programs ripped it higher. But the move petered at yesterday's value area high for an end of day P formation print.
Even the slightest bit of green today could trigger a buyer-dog-pile-on to the long side once again.
But utilities are the leading ES sectors by a wide margin, and unless risk seeking sectors come to life, today was just a bit a short covering most likely. And today's up move breached no upside levels to indicate high confidence.
With the 50 day tagged today, I'm going to give the buyers the nod for tomorrow, but if sellers come to life, today's long inventory will get squished quickly.
Here comes earning season in stocks.
NFLX
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