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Friday’s meltup continued Monday and Tuesday, right into half day close on Tuesday.
If we look at equities however we see seriously overbought McClellan Oscillator. That alone is no reason to get short however and we need to see better weakness on a daily close. EUR/USD and 10 year rates however have signaled weakness since July 2nd and have retraced most of last Friday’s rally.
I still see upside to the mid 80s in the SPX but dont want to initiate new long positions up here. Those long are better risk reward to take profits and let some consolidation settle in for better clarity.