This morning's action is retail traders arriving late to the party. They drove the market to a new high with lower upward momentum as indicated by the $TICK indicator and the Advance - Decline Line. The market is also at the top of its channel.
So, the market reached its morning peak at 1020 ET, and is now below yesterday's high. Hedge funds are now adjusting their portfolio's for option contract expiration this week - Triple Witching.
Charles
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