SHORT TERM: higher early, pullback now.
Overnight many of the foreign markets made new highs: Australia’s ASX, India’s BSE, Singapore’s STI and Tokyo’s Nikkei. Europe came in better than 0.50% higher. Even though our Bond market was lower, the stock indices gapped up again, as the R2K/NYA/NAZ all made new highs. Just past 10 AM, the short term overbought situation mentioned last night caught up with the market as we experienced some selling. It does look like we have completed a small five wave structure up from tuesdays lows. The rally looks good, yesterdays acceleration gaps are still in place, and expecting the rally to resume shortly.
INTERMEDIATE TERM: uptrend
LONG TERM: bullish