Oh, the rare graph. Today the bears hung on to a thread. I thought we might bust higher but not to be. As a result, I was adding short exposure right at the close. There is a great risk reward setup. The market is squeezing down to where the momentum guys are going to jump one way or another. If we break 910 tomorrow I will be out (this is my personal account which I am willing to trade a little more). Downside is back down to that 883 level. Like I said yesterday, I think if we revisit it again, we will break it.
Today's volume was once again anemic but the ES S&P 500 futures volume was heavy, especially compared to the underlying volume in the indexes. I have talked about institutional buying into the month's close. If the market doesn't break tomorrow morning higher, all the buying for the end of the month should be done and that is when you get the sell off. Like I said, for a trade (which I don't do much of) this is an easy one.
This break is still the correction I have been looking for for weeks. There are reasons I still don't think the interim top is in but it seems like a couple of weeks of correction is long overdue.