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I like to look first at the basic structures we can see.
The S&P 500, after breaking down from the channel it built over the summer, has generated a bear flag, from which it has now fallen initially and has also backtested that from beneath today. In the process of all of this, it has also lost its 50-day simple moving average, backtested it as well, and has so far been rejected from it:
Purely from a simple structural perspective, it’s a grim picture. Is it going to break down? I don’t know.
I will resume my present efforts to count the structure.
Many thanks for your patronage, I hope you find the work useful to you. And we’ll see how things develop next week. I hope you all have a lovely weekend.