The action of the first 30 minutes looked promising for the short-term bulls, but the market decided to test the overnight low of 1250, which is now resistance.
What is interesting is that as the futures is making lower lows, the $TICK is not - yet.
The $TRIN is also lower than Friday and the NYSE Advance - Decline Line is higher. We will have to wait and see how long this divergence lasts. We are still bearish below 1250.
Charles
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