I'm a bit puzzled. If you take a look at the project 'QCU/ Strategy Example: Moving Average Cross Strategy', you will see that the SPY is registered for a minute resolution. However in the OnData we check if it is a new day and only execute once per day. I assume this is the first minute of the day. EMA values are based on daily values. So, will the EMA value accessible on the first minute of the day be based on the value at that point in time (ie price at first minute of the day), or the previous daily close?

Also, if I change the resolution of SPY to daily instead of minutely when I register it, I notice the algorithm starts trading much earlier. How come?

Also, when so many of these examples work on daily data, why do we consolidate to daily, rather than just change the registrations to daily?