Just happened minutes ago, the topping pattern of a High, Low, Lower High, Lower Low, Lower High, and then a Lower Low just completed and then it gave up and did a huge Markdown. MACD has given an earlier indication of a drop, after pattern completion.
THIS IS a topping pattern, and it is of high probability that the S&P500 topped out.
Now waiting for it to continue the downward momentum and break the trend line support. But not before a rather lame attempt on daily charts next week to recover somewhat and reverse down again.
Watch for it...
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In Asian hours, the /es just opened the week on a massive 1% GAP DOWN.
It would take some effort to close this gap today... else we got a Gap & Run, as well as a Down Friday Down Monday syndrome.