Back from a two month vacation….! Time to Rock n Roll!
The market indices were mixed today after a very rough start, futures were down sharply. They then bounced back sharply in a 5-wave advance only to pullback after making nominal, new, minor, breakout highs. They failed to go any further. The NQ, however, did jump from 2621 all the way up to 2652 at one point. The ES went from 1364 up to 1374. In the afternoon, they stair-stepped their way lower, and backed off to close mixed on the session.
The stock market had an interesting session on Monday. They were down early, rallied back the rest of the session, and…
Net of the day, the Dow was down 29.74 at 13,008.53, the S&P 500 was up just 48 cents at 1369.58, about 6 points off the low, and the Nasdaq 100 up 1.36 at 2639.28, about 19 points off its low.
Advance-declines were about 250 issues higher on the New York Stock Exchange, and a very similar amount on Nasdaq. Up/down volume was narrow, but positive on New York, and narrow, but negative on Nasdaq, so net-net, it was a flat day.
Stepping back and reviewing the hourly chart patterns, the indices gapped lower, and then stair-stepped their way higher in a 5-wave advancement. They pulled back in the last hour, or so, to pare back the rally, but closed mixed on the session. Still, it’s an unresolved pattern as the indices tested support most of the day, and bounced, but that’s about all they did today.
We’ll have to see whether there’s any upside or downside follow-through tomorrow.
No trades for today.