We made a stab at novel highs inwards the S&P 500 Index e-mini futures (June contract shown) today earlier selling off belatedly inwards the session, bringing us dorsum into a multi-day trading range.
As noted inwards the intraday Tweet (follow here), the motion toward highs was accompanied past times considerable non-confirmation. Today nosotros registered 1540 novel 20-day highs inwards the NYSE, NASDAQ, too ASE stock universe, against 285 lows. By contrast, June 1st saw 2732 novel 20-day highs against 248 lows.
Until nosotros run across a pregnant expansion of 20-day lows, it is premature to plow outright bearish on this market. To sustain an uptrend, however, nosotros ask to run across broadening participation, non a narrowing of the trend's base.
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