We’ve spent all week digesting, but not filling, Tuesday’s gap on the $SPY. This is bullish digestion above the 200sma on daily.
$XME is boxed in by major moving averages– it bounced on the 20sma yesterday but is having trouble with the 50/100 from above. Make or break time coming up next week.
$SLV repelled by the 20sma today — note trending slope down. Very clear line in sand.
$GLD repelled by the 200sma — we had this as a short resistance spot all week but alas took it off radar yesterday. Again, clear line in sand.
Nice tight bars under 200sma on the $XLE and has refused to fill the gap — again, roll down or break-out coming soon.
As we wrote yesterday divergence between Euro ($6E_F) and market is deepening — one of them will give in soon and there will be some reversion to mean. Place your bets on which horse will fall first.