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With the early market action leading to a potential red opening, We need to look at where we could be heading in and when a dip occurs. Important to note a dip, or brief selloff, does not mean a correction. With the moves the market has made since April rolled over a dip may just mean a multi day pause in the buying. Even as new highs were being made last week, volume was slowing down.
For shorter term swing traders, we’ll use the 8 EMA as our first line of defense on a pullback in both the SPY and QQQ.