Convictive Buyers Did Not Defend Price Development

As discussed in last night’s Briefing, the convective buying that occurred yesterday was not defended. The gap in the SPY is about to be filled and it has been filled in the QQQ. Breadth slid lower during today’s selloff and got to an extreme in the NASDAQ. While they closed at the lows of the day, which suggests follow-through tomorrow, be aware of any internal divergences and monitor short-term resistance on any bounce.

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