So, this is it?
As this juncture (11:06 a.m. EST), both the Dow and S&P have key reversals; and now the QQQs, and Russell 2000, have just joined them.
If they hold and decline from here, reversing from all time highs, we can add that data to our empirical “Holiday Turns”
Holiday turns … markets tend to reverse just before, during, or just after a holiday week.
In the biotech arena, this morning’s gap higher (IBB) closed the distance from price action to the stop for inverse funds BIS and LABD.
That closure opportunity was used to increase the short position (via BIS) in one of the managed accounts. Not advice, not a recommendation.
The IBB bearish divergence is beginning to take shape.
Note: “Close” prices as of 11:03 a.m. EST
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