the tendency condition of the S&P 500 sectors in addition to the condition of the marketplace indicators posted weekly. Both demo that nosotros are inwards an intermediate-term trading range, inwards a marketplace that has been losing momentum in addition to strength.
As you lot tin move meet higher upward (middle chart), this morning's forcefulness places us virtually the pinnacle of a several hateful solar daytime range. Even farther out (bottom chart) nosotros are trading at the upper terminate of a multiweek hit defined past times the highs of 6/19 in addition to the lows of 6/23. How nosotros merchandise relative to the resistance at the tops of these ranges volition move of crucial importance today in addition to this week. Influenza A virus subtype H5N1 failure to sustain forcefulness higher upward those highs would select me looking for retracement dorsum into that range, toward the 900-area midpoint. Influenza A virus subtype H5N1 successful upside breakout would target the June highs. Either way, standing virtually the pinnacle of an extended hit should fix a worthwhile trade. I'll rails my thinking on this alongside intraday Twitter posts (follow here).
9:37 AM CT - I added the pinnacle Market Delta nautical chart to demo how nosotros traded downward toward the overnight lows inwards ES earlier rallying furiously in addition to taking out the overnight highs. Note, however, that both the NASDAQ in addition to Russell Indexes are below their opening cost levels. The large cap stocks are leading this morning; to sustain an uptrend, they'll require to convey the others along. I'm watching TICK for signs of broader marketplace strength. With book at the marketplace offering handily exceeding book at the bid inwards ES, it is hard to sell this marketplace despite electrical flow non-confirmations.
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