Morning Market Update

The S&P 500 cash is little changed so far from yesterday. It is right back to the 50% retracement of the prior decline and remains within a big flag.

It’s not clear to me that we will go to the upper rail. It seems to me that that is the general expectation by most participants that I can observe, and I would rather see some kind of surprise here.


The Russell has a similar picture. It’s pushed back inside its channel (purple structure) but there’s no guarantee that it will stay in there for long. Incidentally, where it’s at now is also the 50% retracement of its last decline.


And there has been no real change to the Bitcoin bearish wedge. So long as this looks this way, it spells ominous trouble for liquidity in the future.


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