No breakout

As said yesterday, a new leg down following yesterday's EOD retracement occurred early today after the opening, which did not register a lower low.

Neither the DOW nor SPX broke out upwards from their recent highs (SPY did however by $0.02), indicating an "inside day" (suggesting to us lack of commitment).

If what we saw was an ABC up (almost 92% retracement on the DOW) we should then have another leg down that will reach deeper.

We will have to wait until perhaps tomorrow to see whether the next move will be (gap) up or down.