A major give back today of yesterday's pop, holding true to previous post-FOMC rate cut behavior. All the technical tells were in sync today after the morning double top.
TICK, NYAD and the VIX aligned to show the way down. Once the parabolics turned negative on the double top and the 20 bar SMA got violated mid pivot, the trend was clearly down and once PP got violated in the last hour, S1 was a pretty good bet. Strong selling into the close doesn't bode well for tomorrow. We continue to follow our "sell the rallies" strategery. With the Qs now back below the 20DSMA, we are looking for a test of the lows.