Last Thoughts

I continue to like the broadening formation. We’re back inside of it now, so that’s good (for bears). We came within a few points of the balance I discussed earlier (here).

I will add this. If they want to burn everyone’s put premium through this week, here is how they could do it:

SPX

A nice little head and shoulders would do the trick. They could literally do exactly what they did today tomorrow: a cold opening, break that neck line, maybe around that prior high, then jack it again and squish it up there like we were yesterday, with the actual real decline beginning next week. If we drop harder than this tonight, just dismiss this thought.


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