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For those with less than 6 years trading experience, the action this morning is called a "dead cat bounce", stalling at the .382 retrace of the last leg down from Friday's high and the former support trendline.
There is potential for an extension on the next leg down ( if not this one), as the SP takes out 2025 and all buyers over the last 5 months are in the red.
As the 2 day move down was 66 pts , an extension might be expected to equal 1.62 (minimum) of that, or 107, targeting 1960 from todays high.
As the 2 day move down was 66 pts , an extension might be expected to equal 1.62 (minimum) of that, or 107, targeting 1960 from todays high.