The Weekend Review of the Markets: No Looking Back

Happy weekend, traders. In this weekend’s article, we’ll look at the local price action of the S&P 500, consider some bearish and bullish alternatives in general, look at the long-term picture and we’ll look at some developing structures on some assets.

In Thursday’s update, I discussed my creeping doubts about a more bullish outcome in the short-term because of the NDX’s nasty stank price action. Its smashed appearance on Thursday called into question an impulsive leg up and I offered an alternative that looked for lower prices on Friday, and that turned into an understatement.

The Bearish Alternative

As things stand now, we face a bear flag on the SPX that looks like this:


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