Squawk Evening Update: Still Looking for Clues

As a reminder to our many new readers, our evening updates are where we briefly review how the day played out related to our expectations and set out the interesting questions we’ll be pondering to address in our morning briefing, which is where we present the bulk of our analysis.

What we said this morning was that we were at a point where the market has to make decision and that we wanted to wait until it did.  So it’s hard to say too much about how things matched our expectations, except to say that the markets were equally indecisive, selling into a new swing high.  This seems to reinforce the one strong opinion that we did express this morning: that it will likely take a decisive move one way or the other to get prices away from current levels.

In equity markets we can construct a wave count that looks complete at today’s intraday highs.  But as we stressed, that doesn’t mean it is complete.  We’ll have much more to say about this and ways to think about trading it in tomorrow morning’s briefing.