Watch Today’s Trading Closely

I am still modestly constructive on equities for the near term, but yesterday’s reversal was a potentially disturbing development.

Near term, directional volume is important — is it expanding on the up days or the down days?

For the technically minded out there, the S&P500 should form a Golden Cross today, as the 50-day MA crosses the 200-day MA from below. The last such cross was June 2009, and the market gained 22% int he year following (Not “since” as I originally wrote).

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