We got the ramp job we had the last two Mondays but today’s action is not the same. The past two Mondays $TRIN trended very tightly and the market trended. Today, $TRIN started off very bullish but has continued to creep up the entire day.
Meanwhile, IWM continues to trade around its 50-day. It traded above the 50-day this morning but has since fallen below it. So the ramp up provided a lot of fireworks but technically nothing has happened.
The bulls really need to defend the 1102 level on ES. If that is breached, this could end up being a total whipsaw day with a retrace back to 1092.
IYT is up about 1%. This little move higher does not change anything from a technical perspective. The triple top is in play.
The breakout attempt on USO also failed again. No need to trade USO right here. I’ll be surprised if there is a breakout (due to the Dollar being near support).