The NYMO cycle remains down.
However, a low was set on 5/12, and this morning's read is notably above that low in spite of what price is doing.
We opened up a fresh gap above and closed one that was below at the open today.
So, three up and seven down gaps on the table.
Price is retesting the 50MA and the middle keltner.
This should be a neighborhood of support or at least a place to consolidate for a while before advancing a trend.
If price breaks the 5/12 low but NYMO does not, we may have a bullish divergence on our hands, which would be cautionary for bears.
I don't know what will happen.
I am short SPX. I may take some scale profits today. Not sure if I will get risk free on the trade.
I had a little long on the R2K, which stopped out last night.
R2K has been rangebound/trendless and giving me some trouble lately... pain in the butt...
Given the length of time it has spent zoning, it could be a goer when it finally breaks out.