Price traded below the 10 day ema for the last 4 trading days settling into a trading range.
Last week traded on lower volume all week.
Profit taking: Previous peak resistance continued to hold at $278 last week.
Current short term support is $273.50.
$SPY has traded around the 20 day EMA, finding some buyers there.
MACD is still under a bearish cross under.
RSI stays on the momentum side of the chart at 53.70.
The average true range continues to trend down to 2.15 as volatility stays low.
$VIX remains low at 13.77.
Bearish Rotation: $XLF financials and $XLI industrials are both under their 200 day SMAs. $XLP consumer staples and $XLU utilities continue to trend back to its 200 day SMA.
