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Good afternoon, traders.
The S&P has rallied today but remains in a bear flag-like channel beneath the 50-day SMA:
Let’s review a couple of the things I pointed out yesterday. First, I pointed out that within that bear flag was a little bullish wedge, and that played out, and we reached the measured move of that structure:
I also said that the NDX presented as a bull flag, and that also played out and has also met its measured move:
From here, I think there are three possibilities, and I will discuss each of them.
Alright then, that’s how I see things for now. I hope everyone has a lovely evening and I will see you tomorrow (or tonight in the chat room if you’re in there).