Futures down slightly again today as we work off the stretched condition left by last week's Fed announcement. Friday's Shooting Star candle was confirmed by yesterday's slight pull-back. Overall bullish market needs to digest the big move with either time or price or some combination of both.
The underlying strength will likely lead to a pull back that lasts only a few days and is fairly shallow. I believe dips will be bought and I am waiting out this digestion before adding back much more on the long side. The $SPX chart below looks to be basing out in this new area. Resistance levels turned support for this mild correction are lined out. A move down to the most recent break-out area around 1439 would be healthy.
A few favorites today include $WFR, $ROSG, $BSFT, $RHT and $NTE
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