It is in-day, and this market just loves whipsawing everyone. So the caveat is that it could easily close back within the parameters we had set out. But as of now I want to call your attention to the fact that SPX and Dow are piercing the Triangle parameters to the downside. Here are the charts from this morning’s update.
The RUT and MID have not made lower lows yet, but are on the verge. SOX is the relatively decent one, as with NDX above.
And there is nowhere to hide globally either. Here is the SPY vs. global ETF’s, actually still bullish in ratio to EM’s and China, but now also looking better vs. Japan and Europe.
Just a visual representation of the markets for your consideration. A close today below these parameters would not be good. A close to the week below them, even worse. The bigger view is bearish, so a breakdown would be significant in that it would get the favored view onto the front burner. Let’s see if we whipsaw or not.