Squawk Morning Briefing: Aging Bull Seeks Open Relationship

A dramatic turn down in overnight futures is enough to spark the imagination of would-be equity bears just waiting for a reason to emerge from hibernation.   However, as we outlined in our DJIA video, the market continues to keep its options open, in a move that demonstrates unwillingness to commit to either up or down in the short-term.  The YM video shows how the current move down could also be a part of a correction allowing for new highs.   Therefore we’re going to watch the markets closely after the open to see if we get any of the indications we’ve cited to demonstrate a commitment one way or the other.

Until we see something more definitive we’re not going to make a call either way.  After all, who wants to settle down with a market still intent on playing the field?

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Elliott Squawk delivers thorough market preparation every morning in time to take action during the trading day. By combining up-to-the-minute futures activity with traditional end-of-day analysis from cash indices, you receive analysis based on the latest conditions as the trading day sets to open. Each issue of Elliott Squawk goes beyond traditional Elliott Wave analysis because we recognize that trading Elliott Waves is much more than just looking at the most likely current count. Squawk will prepare traders to assess the market action as it unfolds by answering questions that any Elliott Wave trader should consider:

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