Market Internal Update 2011-05-10
As on last Friday, the 3-day advance issues was short term oversold. Thus it is expected a bounce should happen on Monday and that has already happened.
Critical price level of 1350 in ES and 2400 in NQ has to block this move from going higher for the bearish scenario to continue.
If the bearish scenario fails to happen, the rest of May will likely be trading within a tight range going forward.