Spu’s are trading basically where they opened up yesterday in the mid 2630’s.
The long-term 50X3 P&F has not had a 50 point reversal since 2437. 200+ points.
The medium-term 25X3 P&F completed a reversal a few minutes ago. it will now take new closing price action over yesterday’s high to start up again.
FOMO buying was rampant, which leads me to be wary of a reversal on the longer time frame 50X3.
Everybody worldwide is all in Long U.S. Blue Chips after bailing out of European Equities.
Nikkei went to its multi decade 50% fib @ 23,000 again last night and reversed.
Look for a back and forth trade early.
It’s the first of the month so I’m looking to see if early income averaging buying materializes and then fades.
Nasd 100 weekly ORL is 6391 all session.
Long Dow/Short Nasd 100 spread is trading @ its Oct 26 reversal level. (Lower Chart)
This is just a cautionary level to let you know the Dow can stop leading.
Bond rollover has started with the European Futures expiring late next week.