Happy Weekend, traders.
The S&P 500, after continuing its drop from this channel, gapped below this trend line that comes from a series of highs made earlier in the year and then worked its way above it during the course of the session:
So far, that’s some initial support and it’s an initial sign that the drop may have ended, if it can stay supported here.
I don’t have a ton to add this weekend, but I want to discuss the nature of this pattern that’s formed, what I think it means, and where I think we will go next because of it. I will elaborate some on my thoughts from yesterday.
Alright, I hope that’s all very clear, how I think we can interpret this structure and what it could mean for us going forward for a little while. I hope everyone has a fine weekend, and I look forward to seeing you next week (or this weekend in the Discord if you’re in there and want to chat).