📈 Market Pullback?

Doesn't look like it to me.

Market Action

We had our first red day today in nine days.

In case you need the reminder, the market is not going to go up everyday.

We’re up 8.8% on the S&P 500 Futures over the past nine days. Yesterday’s action is nothing to be concerned about. We made a huge move and need time to digest it.

This is the level I would be watching for now. If we break it, we can see more weakness - but again, I’m not overly concerned about the market even if we do see more short-term weakness.

On the hourly you can see that this level represents where we thought the USD/Yen carry trade was falling apart and we needed emergency rate cuts. We would like to hold that level.

The fact that we are still over that level should be further proof for you that the market is in a strong position right now.

The good news is that we worked off overbought conditions in RSI yesterday, which tells us that we could be gearing up for further positive movement.

I explain this and what else I’m seeing in the indexes in this video: