As everybody has suddenly a positive view on the "mild but sustainable" recovery of the US economy, it would be wise to take some chips of the table. The SPY got rejected at gap resistance, and the momentum is slowly fading away. It will probably take some time until the negative divergence puts in a real sell signal, but the short term upside looks very limited from here. Traders who have bought the market on a contrarian basis at the beginning of the week probably have no problems with selling ahead of a long week-end.
SPY, hourly with MACD
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