Today the market reached a new high at ES 867. Afterward it started to drop down immediately with huge volume. At the time of writing EMA is point up and MACD has given a sell signal. I expect ES to pullback further and dive below EMA 50. The intermediate term trend is still up so the game is still buy dip with tight stop. The massive negative divergence on MACD and RSI will be corrected sooner or later by a decent pullback. On the daily chart, there is no sell signal at the moment.
XLF revisited the previous high but didn’t break out today. Further breakout is very likely after a minor pullback.
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