Now we have gotten a nice little bounce, it already looks like it's trying to top to me. It could top here or surge higher to 279.30 or 281. But regardless wherever it does top it will be the next best place to get out into the safety of cash (or short) if you hadn't done so already last week.
If we make it all the way back up to the top at 281 area then I would be cautious of a break above that horizontal level, if that happens then we could see a retest of the yearly highs. This is an unlikely scenario in my opinion, but anything could happen, which is why closing out of shorts or re-entering the market long, if we do break 281 would be responsible for managing risk.
My analysis tells me that the odds are; we have just put in the last high point this market will see in a long time. Watch for the reversal by breaking this flag's support line, and then expect things to fall apart. This flag is ascending in nature, which leads to an impulsive break down if we break the support.
30 minutes until the market closes, so we will get to see which way this thing goes pretty soon.
The specific area that we are at currently is the first lower high off of the highs put in from the first Bear market rally. You tell me if that is significant or not...
IWM ... QQQ and SPY all starting to break todays structures... Special attention on QQQ
I am not convinced that this is impulsive with breakout volume breakout to the upside. It looks more like another stop hunt.
Care on the structural breakup.