A Glance at the S&P

As noted in the “Roadmap,” it’s not clear to me if we are going to distribute up here or reject harshly.

If we are going to distribute, we may be defining the range this morning. This lower bound may be derived from a prior level of support in the last consolidation (red arrow) and coincides with a small gap closer to us (green arrow). This morning might be red “a” of orange “b.”

SPX

In the original “Roadmap” article, I had dragged out this potential distribution into OPEX because I thought that would be mean, but that structure looks too big, so I have made it smaller, taking us through this week (maybe into next) instead of all the way to OPEX.


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