Today's action could hardly be called convincing for the bulls as the markets sold off all afternoon while finishing up on very light volume. It seems all eyes are on tomorrow morning.
Though not readily apparent, the selloff in the Qs can be counted as an unfinished impulse wave. If so, we could expect more selling tomorrow morning followed by an afternoon retracement rally to make everyone feel good for the weekend.
Right now I would say the bears have the upper hand, and once we are past next Monday and Tuesday, the bullish seasonal bias is behind us. We should finally be able to come to some sort of conclusion about market direction after tomorrow.
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