SPY had another positive day today. Initial morning sell off on fed announcement was bought with fervor and very soon we climbed above yesterdays high. But todays high lacked participation as evident by AD line. I think we are in overbought territory now with divergences in AD line and we may witness some pullback for a day or two. We are right at 50dma and we may need to work off these overbought conditions either thru time or thru price. Volume was not huge even when today was options expiry. Transports were higher while FXI and Tech were weak.
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