Mr. B with not much to say.
NYMO cycle remains up but the NYMO high on June 1 remains unbeat.
So, we have a negative NYMO divergence.
However, as long as NYMO stays positive, bulls have some edge.
Perhaps the top is in, but it takes negative NYMOs to declare the cycle down.
Pricewise, another day another gap.
If today's gap does not close, we will have a stack of 11 down gaps.
Usually when there is such an abundance, a move comes along to at least close a couple.
Price has basically gone flat with a slight upward bias. It has been over a month since the last touch of the upper keltner.
Maybe bulls have run out of gas. Maybe they are just taking a rest. I don't know.
The keltner band is getting on the narrow side.
When the band is narrow, it is good to prepare for a bout of volatility, but low vol slow/no trend conditions can continue for awhile.
I remain flat SPX and long an R2K runner position.
I could get long some SPX (but don't really want to) if the index progresses after the contract roll.