Let’s take a brief look at the S&P 500 futures, taking into account the overnight action so far.
The market remains in an extremely negative configuration, despite the overnight “strength.” We’re only at parallel rails now, the structure is clearly only corrective and we have good fibs here (as we have also had at a couple of other spots as well). It’s a shame that the others haven’t been the moment of the turn, but this works just as well and does not change the outlook.
I continue to expect this to fail at any time and with some drama when it does.
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