While at my desk, I mainly care about SPY, XLF (and RUT, IWM), IYT and TLT. I also like to watch generically what is happening in currencies, with EUR/USD having the most meaningful impact, IMO.
The SPY gapped down this morning like expected, where I covered almost all of my shorts for profit. Then, some decent to very good economic news was released spiking the SPY almost filling the gap... SPY is now fading.... technical pattern is winning at this point.
My thoughts are that this is somewhat confirming the topping pattern in the SPY that has taken 2 weeks to form... more to come.