We opened above yesterdays high of 2841-2 and only to have a move all the way to 2858.75 only to reverse and close below yesterdays high with a low of 2929. Yesterdays low of 2827.5 is right below with 2824 the overnight low from Monday just below that.
XLF – financials gapped up strong with JPM crossing 108 – the 200 day. GS had a 206 print, BAC pushed above 30 only to reverse and close weak on the day. The XLF had a failed breakout to 27.10 only to completely reverse and take out yesterdays low of 26.68 to a low of 26.62.
XLE – initially took out res of 66.9 area with a high of 67.09 only to reverse and close below.
XRT – remains an weak group closing near the low for the day.
IYT – a very weak group had an early rally only to give it back and close down. Fdx is down on earnings after the close which will not help.
VIX – bottomed at 12.37 and rally upto 13.77 today