[TinGull]

A lot of times people will talk about the Nasdaq leading the broad market, or the Russell2000 leading the broad market. Here's an interesting scenario for today. The YM is above POC from Friday and has traded up to VAH premarket and bounced down. The ER2 has traded up to the POC from Friday (it remains below POC) and bounced down. The NQ remains right around POC as of now, post news. Is there anything to glean from this?

Usually when we open up below POC, I'm having a little bit of a bearish tinge to my bias, and above POC is bullish. Now, we're inside of value on ALL of them, so we may just have an inside day, but definitely something worth thinking about. If the futures of the markets who are believed to lead the broad market are opening up at or below their POC, should we have a negative tinge to the market as a whole? Let's find out

[Soultrader]

Interesting Tin. I am actually bullish on the YM today. I think the bigger picture is best obtained by analyzing the daily charts. The trendline break on Nov. 27, was a little scare but we are now rallying above the trendline and broke above the key resistance of Nov. 20's high.

Should be interesting this week.

[TinGull]

Soul, while that is true, the Russell and the nasdaq have failed to make news along with the SPX and DOW...that makes me nervous. IF the nasdaq can breach and hold above 2470, I'll feel much more bullish in the intermediate term. Premarket, it's looking like a blast up, but the past few days have seen the highs of the day reached early on, and we drifted lower. While on the DOW I do have a bullish bias, I'm wayyyy cautious because of these things.

Yes, it'll make for an interesting week

[TinGull]

Also to take a quick note of, is the MA20...its just hugging that and failing to rally off of it as it has in the past. While it's mildly bullish that it hasn't broken it, it's mildly bearish that it hasn't rallied....ugh...more of the same I guess