Early on the market was able to close the opening gap. The Consumer Confidence Report sent the market tumbling. Since that time the market has been unable to trade past the VWAP Line. Two 3-Wave moves this morning. 1-2-3 where the first wave was almost identical in length as the last wave. And the A-B-C correction to the VWAP Line.
The 10-Year Yield for the first time in 4 days made a lower low than the first 30 minutes of trading, and is trading lower than yesterday's low, which is bearish for the equity market.
Charles
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