Mid-Day Update

Not surprisingly, we have a range day today with a slightly bearish bias after two good trend days. I have taken one Algo Trigger long off the “h” pattern coming from the overnight action into the morning low for 6 points per contract. 

Then I reversed the long trade into a short target at 4340 as communicated in the pre-market outlook, which could be the bottom of the range. I just covered that position at 4142.50 for 15 points per contract on the selling climax (when the price fell out of the K-Bands). I am flat for the moment. 

Internals are weak today, but not terribly so. This still gives a slight edge to the bears. The bears could argue that we have seen the high of a double top falling just short of the all-time high on the daily charts. 

The bulls will argue that the market needed a rest after two strong trend days. 

We shall see who is right.

A.F. Thornton