The day began with a violent gap, which was a continuation of the sell-off that started on Jan/04 (illustrated in the 39-min chart below). After the sell-off lost its force the main indexes were able to rally and close around yesterday's lows. The 4,635 support is holding for now, unfortunately the price couldn't stay above 4,700 which was the previous support.
The New Highs and New Lows in all the timeframes show that the Bears are still in control of the Market actions. It was encouraging to see the indexes recovering a little bit of what have lost in the past few days, there is still some force left from the Bulls.
For my trading strategy, it's not a good time to open new positions unless the Market is able to rally past the 4,700 short-term resistance and that rally gets reflected in the NH-NL numbers.
