Original downside target still looks like a go. Looking to find support and go long around the 200 ma around the 313 area. Red line is "old" larger megaphone upper trendline. Haven't removed it from the charts as it's still being respected as an area of support/resistance....Coincidentally, the 200ma and megaphone upper trendline coincided in February as well:
The reason for saying "we better get a good jobs #" or any sort of opptimistic market moving news is because we're currently seeing futures consolidate at/below lows and below the 9dma:
The reason for saying "we better get a good jobs #" or any sort of opptimistic market moving news is because we're currently seeing futures consolidate at/below lows and below the 9dma:
Comment:
Important to note - As we like using the VIX to look for higher lows while the spx is making higher highs as a trend reversal indicator. The same can be said about the market making lower lows, with the vix making lower highs, as we are seeing right now:
Comment:
Looks like we're wrong for the time being as the wedge being formed in the SPY
has broke to the upside. As long as the trend is defended Monday, further upside will likely continue to ensue first.
has broke to the upside. As long as the trend is defended Monday, further upside will likely continue to ensue first.