NYMO cycle is down and has been for a while.
It is currently in the lower turn zone and lingering.
This morning I thought we were on our way for a bullish corrective move to the zero line, but that has been kaboshed since the European close.
Seeing the BTFD gang get smacked today may indicate a change in character for Mr. Market.
Price is in a gap sandwich. Yesterday's low reversed just shy of a down gap. Today's high reversed just shy of an up gap.
I am sure those reversals caught a few offsides, but it is fair to anticipate these gaps closing in due course.
We tagged the middle keltner yesterday. To wobble a bit around here before a move to one of the outer keltners would be normal.
I am short SPX and R2K.
SPX is an initial position with room to add more. I was intending to sell an up gap close but got left at the alter.
R2K is a runner with a BE stop.