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Good Morning! We have a top! (Or not. Probably not. It was just a joke.)
So the markets put in the most ‘top’ looking candles as they have in over a month. Our usual after lunch rally was replaced by a pullback, and the QQQs led the case for a short-term top with a classic ‘gravestone doji’. With the strength of the last few weeks a multiday pullback may seem like a dream, but all value based traders are rejoicing at the chance to buy at prices other than all-time highs. To begin a pullback, however, we need confirmation. $435 on the SPY and $360 in the QQQ are the first areas to watch if we open lower on Wednesday. Banks pulled a bit on the beginning of earnings season, with a couple more set to report today. They could lead the way down if stocks decide to head into a mid-summer malaise.