Just a few observations:
NYMO is well into the lower Turn Zone this morning.
So, perhaps a low forms in days ahead.
However, the Oversold Zone is still a ways below.
So there is still room for more downside.
We have closed three down gaps today and opened a big up gap.
The next gap is down around the middle keltner. So, a trip there would not surprise.
The benchmark price for this NYMO down cycle is SPX 4438.26.
There is quite a ways to go to hit that mark, but given the covid news, perhaps we have a catalyst for the market to feed the bears for a change.
I remain long an SPX runner position with a breakeven stop.
I have scaled out a second profit unit on my R2K short position. So, that is now a runner position with a breakeven stop too.
It feels odd having conflicting positions. If I knew what was going to happen, I would be consistent, but I don't.
Market was just strong enough before the holiday to keep a NYMO SPX short setup from priming. *grumbles*