Market Structure

  • Breadth above 5-day and 10-day MA, but not chasing longs on triples — individual stocks offer better setups

  • Gap-up/gap-down pattern continues: opens get faded in both directions

  • SPY, QQQ, and IWM are all essentially flat from open to close

  • SPY is still below the 10/21/50/63/200-day moving averages, only above the 5-day. IWM is relatively strongest — above 10-day and 200-day. SMH above 10/21/200-day

  • Inverse ETFs showing rounding bottoms supported by 10-day MA

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