Stops were taken out today for FCX (+12%) and ERX (0%) today. Tomorrow the Portfolio will enter QID, the Nasdaq bearish ETF with an open or trade above QID $21.22. All the indexes except Energy are on long/buy signals. However, the equities are weakening, candles turning red and yellow. A pullback seems imminent.
The DOW and Nasdaq made higher highs today, but the SPX did not. It looks like the SPX will trace out one more small leg up to either R1 (2307) or R2 (2318) tomorrow, then roll over in minor wave 4. Depending on how things open tomorrow, I’ll look to move to cash or a few bearish ETFs to play the pullback.The big picture count shows the chop that I expect for equities over the coming months.