The NYMO cycle is UP.
Notably, we are back in the upper Turn Zone intraday.
The recent moves between Oscillator extremes have been quite a ride. Got Liquidity?
There is not much of an edge to NYMO hitting the upper Turn Zone. It just calls for attention to market character.
Sometimes you get reversal. Sometimes you get consolidation. Sometimes you get bull stampede. Let's see what happens in coming days.
I would not be surprised to see a corrective NYMO pullback to the zero line.
We now have three open down gaps and quite a stack of open up gaps.
As noted last week, the trade below the lower keltner (6/16-6/21) offered edge for a trip to the middle keltner and maybe beyond.
Given NYMO in the upper Turn Zone, the trip may not be a straight line.
Given yesterday's post, the middle keltner and the area above it may be stiff resistance if this is a bear market rally. We shall see.
I am long SPX and R2K. The SPX position is a runner while the R2K position is still at risk.