Both the $TRIN and NYSE Advance - Decline Line indicated a more bullish morning than yesterday. The $TICK was neutral to slightly bearish, and the ESM08 pivot is still below its 38 period EMA.
The 8 SPDR Sectors are also more bullish than yesterday, however, the financials and industrials are still laggards.
The True Range yesterday was almost 4 ES points above the 10 day average (21.25 - 17.625). The next day, today, is typically a smaller range day following a greater than average wide range day. So, the market probably will not go very far today, and it didn't this morning thus far.
Structurally, the market is bullish. After the open, the market corrected 50% of the overnight range, and then climbed with the help of the 1000 ET economic report. So, the overall strategy of the morning was long positions following short term corrections.
Charles
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