TRUST

The markets seem to be getting a 2:00 jig as the SPX is lower by 5 after being lower earlier today by 13. I caution though that the market internals have yet to confirm as there are still 2,700 more losers than winners.


The 200 day SMA of the SPX is still in play as the markets continue to bounce off that level. The old saying the more times it gets tested the greater the probability of it being broken is clearly on every traders radar and we wait and we watch.

The NAZ COMP is still down over 1% and until we see that one get off the mat we are not going to see a meaningful rally.