Nothing new under the sun again for the last week. The same negative divergences in to afternoon strength/recovery that have been just about every single day for the last week (plus)
were there again yesterday as I reported yesterday and again in the Daily Wrap and the market is moving on them as usual.
DIA's 3C weakness yesterday afternoon.
IWM's 3C weakness yesterday afternoon'
The Q's were especially interesting after Icahn's tweet
And the SPY's.
I've hear numerous reasons from Carry trades to rotation to Europe before their close, but the fact is these signals have been there and we have been predicting early weakness for over a week now so this is something that's already in place and isn't a spontaneous switch or change in the market.
My gut feeling is this steady trend is distribution of ANY price strength by various funds.
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