What the hell, let’s continue to do some play by play calling on these indexes the way day traders do. Yesterday we noted…
Still leaning toward a bounce to at least one of the upside gaps. I just don’t feel like I buy the bear at this moment.
I suspected that the late day fade yesterday was a trap for bearish day traders (as the gap around 2610 filled), not the end of the line for bullish ones. I’m still not convinced the ‘M’ top scenario is in play yet but the market did follow through and hold up today.
The SPX 60 min. pattern remains in play and by the way, if the 2675 neckline resistance is taken out the measurement is to 2785, which would fill the upper gap.
As for NDX, the pattern looks even better as the price probed above the breakout line before ducking back down again. This pattern would measure to around 6940 if the neckline is taken out.
So there you go; a little 60 minute chart micro management for ya. Right now on each item it’s just a prospective pattern, not an activated one.
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