Massive Fed intervention turned the market, although cyclicality was favorable. The 6 month cycle low was overdue. But is it something more than that?
We have new short chart picks as a variety of methods point to a target of 1300 on the S&P. It should take years.
The SPX has broken out of its original crash channel to the downside. It’s in a new channel with a slope of -46 points per day. Long term signals are already extremely negative, and are on the verge of turning catastrophic, cataclysmic, and apocalyptic.
I’ve run out of adjectives.
The S&P futures are trading limit down at 2812 as I write this at 2:50 AM Eastern Time in the US.
I suspect that the PPT will be in action over the next few hours. Whether they’ll be able to get it above support at 2850 or not is the question. And if they do, can they keep it there? If they fail, then we’re in line for an epic crash.
The cycle lineup suggests a low now, at least after this morning’s crash burns out. Here’s what to look out for.
The ferocity of the surprise attack has been breathtaking, and deeply troubling, but here’s why the ingredients for a short term low are in place.
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The market held at support and immediately rebounded to the top of the trading range and a bit more last week. But trend resistance lines around 3350 were not violated. A failure to penetrate that area would leave the market vulnerable to a decline back to the bottom of the range around 3215.
I have suggested a trade that would profit hugely from that scenario, if it plays out, of course.
There’s a lot of that infuriating, “On the one hand–On the other hand,” stuff in today’s report. On the one hand, I hate when that happens. On the other hand, it is what it is.
But the good thing is that there are clear parameters that should tell us what to expect as the week begins.