What A Fade!
This morning, the major stock market indexes have faded from the sharp gap higher open. This fade from the open can only mean that the U.S. Dollar Index is trading off the morning lows. The S&P 500 Trust(NYSE:SPY) is short term oversold intra-day, however, the next major support level for the SPY will be around the $133.50 level. This is certainly a short term intra-day bounce area.