Looking at the daily chart. We sold off from a major level on the weekly and made a new lower low on the daily chart. Seems to be a head and shoulders pattern forming. Let's see if this plays out.
Coming back to this. It played out wonderfully so far. We reaching some minor support around $428 or so.
Here is us breaking the neckline.
WorldEconomics
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I thought the same. Looking at the TA on 1W, but I looked at the TA on daily and realized my mistake. MFI, 50MA, 10YR are all pointing to markets going higher. Take a look at your technicals at the bottom, they're all swinging back up. I wouldn't bet against the market... even with a disappointing GDP, worse than expected ADP report, markets rallied. All the news is bullish for stocks, be it good or bad news.
allout06
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@WorldEconomics, you really need to look at the weekly and monthly momentum/thv. indicators at the bottom. Weekly trix is red and is about to roll over on the monthly. i bet we head lower. The dollar is also looking pretty bullish on the monthly chart.
Here is us breaking the neckline.