Another gap up opening, thanks to the smart rally in europa today, was met with immediate selling in the NQ futures. Within 1/2 hour they had dropped 20 points, coming close to the previous low. Was this a retest of the lows before the market turns higher? Or, did we already set up the trading range for the day in the first hour or so, like we have done so far this week? Still looking for an impulse wave, as our EW pivots maintain the markets trading range: see yesterdays post. The bond market is beginning to look like its impulsing lower.
INTERMEDIATE TERM: NEUTRAL
LONG TERM: BULLISH