This is very interesting activity for an op-ex Friday, it seems the macro economic data is being taken very badly indeed, everything either missed this morning or came in poorly despite not technically missing. Ironically GDP which received quite a downgrade, came in above consensus.
The real Greek default D-Day is June 5th, it seems a little early or perhaps late to be de-risking for that event, I suspect this has more to do with month end Window Dressing.
In any case, it looks like an intraday bottom may have been made.
The volume and candlesticks we look for to indicate an intraday flameout or selling event (mini capitulation) in the SPY...
The Q's
And IWM.
Confirmation should be found in a break above the NYSE intraday TICK index's channel which looks like it's coming.
I'm not sure I'd fade this move quite yet, lets see what, if anything tradable develops.
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