Last night I pointed out some structural observations for the S&P and Nasdaq futures. As futures have continued to rally, the recapturing of those trend lines continues to look at least promising.
That said, in both of those cases, it’s not at clear to me that the rallies are impulsive in nature. This is especially clear on $RTY, whose rally is smooshed into parallel rails of its own, given it a small “bear flag” look (at least so far):
There’s not much I can say about this other than: risk remains that we may still see lower prices. I continue to lack a strong conviction one way or another at this time, though sentiment and breadth continue to incline me to want to see a big rally (which does not guarantee that I’m going to get it).
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