Today is a compelling refutation of yesterday’s headline GDP-predicated retracement/rally, particularly given the high live volume vis-a-vis the prevalent low volume program trading paradigm. My ongoing observation has been that small cap growth is leading other areas of the style map around by the nose, and today is no different with $RUT posting a 2.85% decline at 1330ET.
Chart below is of SPX with some key technical considerations and potential target/bounce points based off fibonacci extension levels Wednesday-today’s activity.
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