ES

The equity markets gapped up on the open and went nowhere. Range was 14.75 handles, which is misleading, as the pit session accounted for only 6.75 - yes, it really was that boring. Volume was well below average.

It appears the reason for the slow action today was price tracing a [4]th wave triangle. It can count complete, or (E) may have a little work left.

The triangle measures 8 handles. If (E), and thus [4] have finished, this would give a target of 1030.75. c = 1.618 of a at 1030.75, giving a nice confluence.

[5] = 61.8% of [1] - [3] at 1035, an additional level to watch.

Both the bigs and smalls finished about level. Practically all the work was done in the globex session on Monday and last night.

There was a big divergence after the pit closed. 100 lotters sold it, while the smalls bought/covered.

After the next little leg higher completes, we should see a retrace, or possibly impulsive action. This will give us additional clarity as to what structure is really up to.

I maintain my near-term bearish bias until structure says otherwise.