Now that I’ve beat you to a pulp (and even managed to irritate myself) on bonds, let’s update our friendly pig, the S&P 500 per the chart we used last week to all but call the (probably temporary) low.
Here are some upside parameters to watch for. I would think the minimum bounce potential is to the SMA 50 (blue) just above the 50% Fib. The Fibs are shaded yellow and any of them are doable and in fact SPX has already Fib’d 38%. But if the bulls really get a case of the FOMO and start pile driving back in there is a gap up there above 2850. Can they do it? Doubtful on this gulp, but with this market…
Meanwhile, there remains a gap down around 2460 saying “hey fellas, don’t forget about me!”
Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.