Big level here for SPX. Could be a real make or break time for the downtrend. I think if we can hold inside of the last rally for a higher low and go through the spike high of the news at 4050 this would represent complete failure of the bear trend and open up a move to min 4400 and possibly to a new high.
Min extension of a new high would be the bat pattern. If the bat pattern is in play, we'd soon enter into the strong D leg rally.
My stops are under the local lows. Would be looking for the low to be in if this is working. Large broad long positions on but would cut them quickly if we didn't see a rally.
Min extension of a new high would be the bat pattern. If the bat pattern is in play, we'd soon enter into the strong D leg rally.
My stops are under the local lows. Would be looking for the low to be in if this is working. Large broad long positions on but would cut them quickly if we didn't see a rally.