The ES gapped down huge on the day and really did very little with one small exception. The exception was that price closed above the open which makes for a camouflage buy signal. This puts Monday’s gap fill in play. Price was lower 13 on the day using the active static trend line as support. The market did one other important thing by filling the open gap at 1356.75.

The NQ futures were lower by 24 on the day. Price is pinching between the 10eama and the 50dma. Momentum is picking up as confirmed by the break below the zero line of the MACD. The next area of support is the static trend line.

10-day Trin:

The put/call ratio is neutral:

Multi sector daily chart:

The SOX/NDX cross has bearishly recorded a new low close:

The best sector on the day was the BTK which is still holding above the recent gap.

The OSX used the static trend line for support as should be expected. Traders should view the chart as short term neutral with oversold energy for a bounce until there is a close below the STL.

The BKX was slightly stronger than the broad market using the 50dma for support. The MACD is still above the zero line. A break below the zero line will kick in a wave of momentum selling.

The SOX gapped lower and continues to be a problem the overall NDX. Next real support is at 390.

The XAU closed at a new low and is now 13 days down in the daily Seeker count. Be sure to look at this index for reversal opportunities.