Analysis:
Yesterday's Analysis predicted that "the market will continue its upward momentum to find and test a resistance in the absence of negative surprises in retail sales and business inventories." Today there were no negative surprises in retail sales and business inventories, and the market spent most the day higher before closing a fraction of a point lower. Looking ahead to tomorrow, the Empire State Manufacturing Survey will come in line with consensus or be better, and the Industrial Production will surprise on the upside by a significant margin. The market will open higher to test the resistance but fail to take it out.
Strategy:
Sell short at 1,125
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