Quick update...
The NYMO cycle remains down and weak.
There is a low a few days ago, and a bounce up to test the zero line would be normal.
Price is divergent to NYMO at ATHs. However, price rules over NYMO.
The usual big cap suspects appear to be in charge.
People must be looking forward to Powell's speech tomorrow.
We are now up to 14 open down gaps (Yeesh!).
That is a lot of empty space without orderly trade to buffer a decline.
I am long a little SPX with one scale out taken and short some R2K. Go figure.
It is interesting that the R2K position has gone nowhere while the SPX climbs.
I am bracing for a rotation out of SPX into R2K to stop me out, but truth is I don't know what will happen.
Powell's speech tomorrow may change everything... or not.