Comments from last night’s blog post still apply. As suggested might happen, the TF played some catch-up today and closed above the 840 level we considered critical for the bull/bear case.

We still think the ES and/or YM will spike to a new high even if the TF and ENQ do not immediately follow suit. If we are correct about this, it should happen in the next day or two.

A decline from near present levels that takes out the recent lows in ANY of the indices would be considered very bearish.