SHORT TERM: POSITIVE

I did some buying today. The markets finally took a breather, as selling came in at the open and continued into the close. All in all, down about 1% and down 1.5% from the recent highs. All within the normal context of this advance from late Oct.

I'm posting two 15min charts: NAZ/SPX. As you will notice from the MACD, we are right about as oversold as we were on the previous dip. And, the 5 day RSI we were concerned with, pulled back quite a bit today too: 90+ to 56. So the markets are now in a better technical position then they were just one trading day ago. Still looking for wave 3 to resume, possibly from these levels, or a bit lower.

INTERMEDIATE/LONG TERM: BULLISH