We got pretty much what I expected for most of the day, which was a consolidation of last week’s rally. The indices opened mixed, dropped a little bit, and then went to the morning highs rather quickly before fading right near the Friday highs. They were unable to punch through at that point, and then went into a 5-wave decline that lasted through mid-session, when they had a test of support that held. Then in the late afternoon they had a nice rally back that took the NDX from 1875 to 1899. The S&P 500 went from 1430 t0 more than 1450, and then the indices pulled back fro[...]
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[Source: The Money Blogs]
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