The ES expanded the range to close up on the day by 6 handles. Price has so far been contained by the 7/8 level with the Seeker count getting mature but still only 10 bars up on the run.
The NQ futures were only higher by 3 on the day which is a slight lag relative to the broad market. Today was the 13 count in the Seeker exhaustion run which suggests that a downward reversal is close at hand.
The 10-day Trin is still neutral and has not recorded an overbought reading.
The put/call ratio remains neutral:
The chart to reevaluate at the end of the week will be the NDX/SPX cross. The NASDAQ side is taking a rest. If this turns into actual relative weakness then we will start to emphasize the short side of the market.
The XOI was the top gun on the day and is breaking out away from the triangle consolidation pattern. The Gann box will bullishly frame shift tomorrow.
The SOX was flat on the day with little change and price still under the rising channel. Keep a close eye on the MACD.
The BKX was unchanged on the day and now has two consecutive narrow range days to consolidate the range expansion from last week. Set an alarm for a break above or below Monday’s range.
The OSX closed at the 8/8 level. This is a very key area because of where the active DTL resides. This is another chart that needs to be watched closely this week.
The BTK has a 9-13-9 active and is very overbought. Look to this sector for reversal ideas if the market cracks. Profit taking should be fast and furious if it develops.
Gold was pulled back to the 4/8 level helped by acute dollar weakness.