Commentary: Trading blogs are showing little to no concern as the majority are in the bullish camp. While entirely possible that there could be more upside, if the majority see blue skies, well, you know, we look at charts and underlying vectors and only report on those potential signals. There are still gaps higher up in the DOW and S&P 500. The weekly breadth has not printed a negative value yet but the daily has just crossed into negative territory. Looks likely there will be a continuing short term move down at the least. Anything more will show us most likely in the next few sessions.
EOD: There are now two reasonably significant down moves- the second could be the beginning of the topping pattern acceleration down. There is a fib extension hit so there could be a retrace (or more downside to go prior to a retrace). The second move did print marginally higher in cash so technically the pair could be a pre-top/top as these do occur in sequence about 60-70% of the time. Associated vectors supported the first move as being significant and so far on the second move, vectors could stand to print more which may happen if the leg has more to go beyond 3056.75.
Original post:
Higher targets versus declining breadth (lower chart- daily NYAD) and a potential pre-top move in ES cash. Let's see how the week closes today.
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Forget the 'news cycle'- we report on what is actually happening in the majority trading environment
..and possible bounces/bottoms: (2/28/20) , (3/23/20)
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