The stock market indices managed to eek out gains today with an afternoon comeback rally, but the morning part of the session was volatile. They opened with big up-gaps this morning, and ran hard for new highs for the entire rally on the S&P 500 just under 1340, but the Nasdaq 100, which did get up to 2352, was far from its high of last week. As a result, they stair-stepped their way lower in a sharp decline, a 5-wave move down to new session lows, taking out the early week’s support lows at 2324, reaching down to 2320. However, the S&P 500 did not confirm, and they worked their way back in a snapback rally for the rest of the session to get back into positive territory. [More...]