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The SPY and the QQQ both gapped down yesterday. Then the markets opened and the buying commenced, with the SPY making a red-to-green move in the afternoon and the QQQ getting close to making that same move. This morning looks set for a flat-to-red open, and we’ll watch for breaks of yesterday’s highs for a confirmation of that move up. Wednesday was the first day this week without a strong, intraday reversal, so we still need to be on our toes. Many swing traders are waiting until the afternoon to establish new positions, taking that extra risk off the table.