The NASDAQ is representing for the bulls today. It has been the strongest index on an otherwise benign session. But since it was range extension down before lunchtime, the best bulls can ask for here is a neutral extreme day.
After we tagged my fire level this morning (see hypo 2 from this morning’s report) the selling dried up and we started auctioning higher. After a debate around the mid bulls went back up through initial balance high.
Typically (meaning with a high probability) a neutral day comes back to the mean before handling any other business. Today however bulls are creeping in up here at opening swing low 4597 and we are having a debate at this 4600 century level.
On a slow day like this, when everyone is not taking advantage of this Monday we are blessed with, my primary expectation is for a close near the high–giving the day a distinct directional conviction to stay with into Tuesday.If you enjoy the content at iBankCoin, please follow us on Twitter