As noted in my last post, the posture for the S&P was too bullish. Yesterday's distribution came as no surprise. The DOW, however made a higher high yesterday morning. This was unconfirmed by the SPY and Nasdaq, hence the reversal and afternoon sell-off.
As we can see from the SPY 60 minute chart above, we have carved out a bull flag as prices have pulled back to former resistance, which for the time being, is holding as support. As long as the RSI holds 40 as support, it's all good. Failure, would change the short-term trend on this timeframe, from bullish to bearish.
As I mentioned in the last post, despite the retracement, the $USD was still in an uptrend. We said if the $USD could maintain support at RSI 40-50, we were in good shape. As you can see from the chart above, we were right. $USD strength does hamper the equity rally as it weighs on commodities.
AMRN - I posted this chart on Chart.ly over the weekend, with a BO price of $6.00. Yesterday it broke out. However, the weak market made it very choppy and hard to manage. I did lock in $0.50 on half and moved stop to BE.
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