tuesday morning

SHORT TERM: expected pullback
Over the extended weekend Asia was marginally lower, and Europe pulled back about 0.5% on monday and an additional 1% this morning. Our index futures followed the flow from Europe which resulted in a gap down opening, and by 10AM we were about 1% lower as well. The market did react to our short term momentum technicals, which I pointed out were indicating a pullback. So it appears the markets continue to function in an orderly fashion. Short term momentum is now approaching a slightly oversold condition. The EW pivots did provide some resistance, as expected, and the NAZ/SPX have pulled back to the next lower pivot point which should now provide some support. Best to your day!
LONG TERM: bullish

About tony caldaro

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