As I said during the show today, you now have some levels that demand observation for anyone looking for clues. Doesn’t mean they’ll play out, however, watching these movements in comparison to all other events taking place as I’ve explained ad nauseam, for context, is imperative for any true business minded person.
Here’s what I’m looking at and why you should also. To wit:
The above is a chart of the S&P 500™ as of approximately 1:00pm ET represented via bars/candles of 15 minute intervals.
The ensuing BTFD (buy the f’n dip) mania that’s persisted these last few years, as I explained during the show, is still alive and well, very well actually, but that may be all about to change if my “technical eye” hasn’t failed me. Here’s why…
The relentless push higher today negating the reflexive down move of yesterday is a typical, text book example for many a technical retrace that may actually resolve lower (possibly much lower) once complete.
The notations I made show just how and where the latest BTFD move has come today. If, and it’s a big if, the current move fizzles out from here and suddenly reverses?
All I’ll say is “everything’s changed.” Especially, for the once certain fortitude of the BTFD mentality.
As always, we shall see.
© 2018 Mark St.Cyr