The ES continues to grind, adding only one handle to the high close of the move. Settlement was right at the static trend line and this will continue to influence price. The next level that will come into play will be the open gap at 1409.
The NQ futures posted an inside day with a small loss. Price remains contained below the static trend line.
The 10-day Trin is approaching but not yet reading overbought for the market.
Multi sector daily chart shows the recent relative strength in the SOX.
The SOX/NDX cross is very close to a key reversal, stay tuned.
SPX/NDX still bullishly shows relative strength in the NDX.
The SOX was the top main sector on the day but was contained within the prior day’s range.
The BKX was flat on the day, basically mirroring the prior session. Keep in mind that there is still and active Seeker sell signal.
The XAU got stuffed by the 50dma and offered us a nice short trade in the GDX on Wednesday. This is a measuring day so tomorrow’s action will be important.
The BTK was the last laggard on the day and appears to be a source of funds.
Oil:
Silver:
