European markets fell off of their highs to dramatically underperform Friday's U.S. trading. Friday-Monday DAX was up 125 points or 1.7% with SPX Thursday-Friday was up 2.4%. I like to use the DAX to estimate trading sentiment going into the nightly futures session. DAX closed up .23% but 23 points off of it's high.
Since SP and DJ have complete wave counts I'm short Sept YM futures at 12,519 stop. SP futures closed the morning down 1 point, while NQ closed up 10 points in a 5th up.
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