Just after doing a post on bullish volume in UUP, supply showed its wicked face as major weakness is now apparent.
The weakness comes after UUP made a significant advance on Friday but closed even, on the low. Not only was the price action terrible, but volume was through the roof signaling that the professionals had their hand in this event.
After a lackluster end to last week, the markets jumped right back with the S&P 500 closing up 1.36%.
The number by itself is pretty impressive but the price action says different. All the major indexes closed pretty well off highs signifying supply in the market.
The major indexes struggled to keep in the black just a day after roaring to new highs since the bottom back in March. There were some good things and some bad things that I’d like to point out.
