The ES settled the day down 23 in the middle of the traded range on the day. The futures are using a very key level at 1220 for support where the 50dma, 50% near-term relative fib and 3/8 Gann level converge. Expect price action to deteriorate very quickly if the futures settle below this level.

The NQ futures were lower by 28 on the day but closed near the traded high of the day. Price remains above both the 50 and 200dma’s. The other minor positive is that while the ES is using the 3/8 level as support the NQ is still holding above the 4/8 level.

Multi sector daily chart:

The NYSE 10-day Trin is back up to the 1.30 level. Keep in mind that Friday’s reading of 4.97 will be in the 10 day range for almost two weeks and keep the readings elevated.

The put/call ratio registered a low reading of 0.79:

The cumulative A/D line remains constructive and lot lagging price:

The BTK was the best of the worst on Monday, outperforming both the Naz and SP.

The BKX was lower by 2.5% but held above the 50dma. Price is still within Friday’s range. Set an alarm for a break under Monday’s low which would be very bearish for the overall market.

The SOX continues to be relatively weak and is a drag on the NDX and by association also the SPX. Keep an eye on the upwardly sloping trend line (red) because if this is lost the trend is back to overall negative and no longer lateral.

The OSX was very weak on the day, likely feeling the weight of the lower oil prices. Keep in mind that this late cycle performing sector has a fresh Seeker 13 exhaustion signal in play.

The XAU was the last laggard on the day. Price is using the 3/8 level for minor support just as the broad market futures are.

Gold broke decisively lower, undercutting the Dec and Nov lows.

Oil is tracing out a rough triangle pattern: