Traders,

Equity markets have entered their pullback phase, and spectators are waiting for the next pivot to form. Given the strength of the uptrend, particularly the momentum of the last upswing, the odds certainly favor a higher pivot low forming.

But where it forms remains to be seen.

The depth of the retracement will reveal whether the trend is maintaining its strength or weakening.

Shallow retracements like those that find buyers at the rising 9 EMA indicate strong trends.

Deep retracements like those that don’t find buyers until the rising 20 SMA or even 50 SMA suggest a weaker trend.

This morning, SPY, QQQ, IWM, and many others are probing the rising 9 EMA. Let’s see if the bulls defend their turf.

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Trading for Beginners: Gino’s Gems

Check out yesterday’s Gino Gems!

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Chart of the Day: Russell 2000 (IWM)

Look that the 9-ema test!

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