Good morning traders, Weak futures have us opening under last week’s lows as the market continues to pull in.  I have noticed the character of this pullback in the market is different than the ones we have seen in the previous months. Rallies are now sold aggressively as opposed to previous market pullbacks where we saw aggressive buying on dips.  While there is still not enough evidence to call an intermediate market top we must take note of the change in price action. For today’s trading I will be looking at the 15 minute channel on the SPY we have seen develop over the past 5 days.

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SPY

119.70

118.65

117.85