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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.
Parts of this article may be reserved for members. You may learn more about becoming a member on the Join page.
You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.