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Markets gapped up at the open yesterday, with the SPY coming within 0.10 of new all-time highs. Then came the selling. Within the first hour of market action the gaps were gone and most equites went form green to red. The QQQ put in a bearish engulfing candle on the daily, and the SPY looks like it’s in the process of forming a double top. Early market action points to a flat open. So what now? With Tuesday’s action being the first day of the week, we’ll use those candles as our weekly opening range. A break of the high or low of yesterday’s price action will give us our short term bias, with new highs as the upside target and the 50 SMAs as the downside target.