ES/SPY has weaker/sloppier price action than the last 3 dips to the 50sma. Odds now favour a compound correction and a deeper pull back. May take some time to develop so I am hesitant to buy this dip aggressively.
Comment:
Compound correction takes it to the lower green box.
Comment:
Here is a chart of the close. ES is looking a fair bit weaker than the NAS. Price closed below the neutral and the 50sma and is threatening a full compound correction (AB=CD). If that happens the ES will likely test the Aug 19 low. Much depends on AAPL. It was down 3 points today and has on outsized impact on the index.
