June 9, 2017 the US stock market had a very sharp decline limited to the technology sector. The broader market, in particular the DJIA and Russell 2000 (RUT) were up on the day.
Very short term it appears the US stock bull market is still alive, at least for a few more days. The SPX broke above a short term Fib target at 2440 and is within striking distance of reaching two long term Fib targets in the 2450-2460 area. This zone could be reached on 6/13/17 or 6/14/17.
My last post speculated that the SPX may have formed a rare Expanding Diagonal Triangle. It now appears that a contracting Triangle is forming. *Note this is also a rare form of Triangle in which the supposed wave "four" does not cross into the territory of wave "one"
If the SPX can reach 2450-2460 on 6/13/17 or 6/14/17 this could be the best shorting opportunity for 2017.
Thanks for your compliments. The SPX is still in what appears to be a topping pattern. It is too soon to forecast the next level.
I will have a new post about the US stock market either 6/17/17 or 6/18/17.
RUT Closed June 9th up and has a good chance of going up for the next few days. Watch the SPX as a guide to short RUT.
If SPX reaches 2450-2460 that could be a great time to short RUT.