This stuff is definitely easier to see after the fact.
For the first time in a while, the market is favoring Staple Stocks over Discretionary. This is a negative for the market.
The market has remained below both the 78-Period Pivot and VWAP lines all morning. Both line have provided resistance. Each time that the market has touched these lines, it has sold off. We did have two clear divergences today. The first was a bullish technical bounce, and the other was a bounce off of resistance.
Charles
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