On a ST basis the market is still very oversold. However, price action today told us a lot about what to expect in the next 48-72 hrs. There should be little to no upside achieved. I believe tomorrow will likely alleviate the oversold nature of the market by opening lower but closing at or near the highs of the day. The /ES chart below shows the general idea of how I expect price to play out over the coming trading days. Break down in price from both the DIA and SPY was confirmed today.
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| /ES 4 hr |
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| SPY Daily |
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| DIA Daily |
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