We went back to the basics during this session, focusing on the rules that govern impulse legs in order to clarify our outlook for the stock market. The broad averages appear to be building a broad top with a series of marginal new highs that stretch back to December. More recently, however, a downdraft in the Dow breached two prior lows on the weekly chart. How significant is this? For a precise answer, check out this one-hour recording, which also includes material on ‘mechanical’ trades and the camouflage technique.