In my last post on Monday I was looking at the big inflection point that has formed over recent week on US equity indices, which were then testing key support. I was liking the positive divergence forming on the index futures and those turned into hourly buy signals and played out during the day delivering significant rallies.

This was encouraging for bulls as, first and foremost, the US indices didn’t break down hard into the bear scenario looking considerably lower and, secondly, that a path has been forming that could take US indices back into the high retests that I was talking about as the obvious targets for the bull scenario.