SHORT TERM: bullish
Didn’t we see this yesterday: rally to about 2 PM, then selling into the close making it look like it was a nothing day? If you missed it, the TRAN/NYA/R2K made new all time highs today, and the NDX/NAZ made a new high for the rally. The SPX/DOW were quiet, consolidating recent gains. It appears yesterday/today completed the first mini wave of this next advance, support should hold just under the EW pivots of SPX 1288 and NDX 1671. The markets displayed some divergences during todays intraday rally, probably the reason for the selling. Strange way to start the next leg up though. Posting NDX 60min chart in photo section. TGIF!
INTERMEDIATE TERM: UPTREND (DOW/TRAN) NEUTRAL (SPX/NDX/NAZ)
LONG TERM: BULLISH