SP Hits 50% Mark and Retreats

Today's SP high was a .497 retrace of the whole move down from 1576 to 666.There has been consistent and  multiple 14 D RSI divergence since mid Sept.
The unexpected "good" news  fails to generate a sustainable rally.

click on chart to enlarge

Short term, the afternoon bounce looks like a zig zag 2 wave. Another leg down can EASILY test that long term rising support trend line around 1080.

After an extraordinary rally that looks extremely tired, it's time to lock in that bonus.


Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Gasoline a By-product of Distillate