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Ok, good afternoon traders.
The S&P 500 has developed a reasonable-looking bear flag:
My worry this weekend was that the SPX had a better chance of moving down sharply, even possibly gapping down, on Friday morning than it did going into today. Part of that was the little bull wedge I pointed out on Apple, for instance. And that did end up breaking up—and with it the S&P also rallied today.
But, today is now a different story. We have this reasonable structure now. What we can do with it is basically what I discussed as a possibility this weekend:
Ok, so, that’s my thought for the time being, no changes really. And we’ll see if blood and tears run through the streets shortly or not.
I hope everyone has a lovely evening.