$SPX: Market Musings

FX:SPX500   S&P 500 Index
95 0 1
Another fun but maddening day in terms of identify longer term trends, no doubt aggravated by ongoing obsessions over a Brexit.

Should they leave a flash crash is possible; if they don’t we are looking at global weakness and anemic growth in earnings

Yesterday I suggested a Bat possibility in the 2111 to 2115 area to give us a big picture head and shoulders , which makes the most sense to me.

An alternative is head and shoulder built around 2122 with shoulders in the 2104 to 2108 area is drawn in the lower red rectangle . A little picture head and shoulders interwoven with retracement.

But for either to have real significance 2050 must be taken out.

And the market uncoiled as expected and dipped below 2085 which for the past two days has been jealously guarded
The significance of the little wedge of rising lows and one lower high is questionable but it is there and suggests a possible short if it breaks down and then retraces to 2085.

But since the market reopened and gapped up 13 pts, this is probably not a trade. And the gap also demonstrates that the bulls remain in full control with most technical's pretty neutral.

I will not call trades in advance because it’s too contextual, making it almost irresponsible. I will happily however, suggest area to watch.

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