Today on The Men Who Stare at Charts (TMWSAC) we stare at the daily chart of SPX and wonder whether TMWSAC are going to call this a Hammer candle and a (day trading) buy or a ‘C’ leg down with lower to go before at least a temporary bottom gets put in. TMWSAC and a heck of a lot of algos, robots and casino patrons should be deciding soon.
One force I don’t think will be stepping in is the Fed, per the theorists who think the Fed always props the market. In fact, the case I made on Sunday is looking better and better. Oh and look, Treasury bonds are positive today. Who woulda thunk… outside of (maybe) you and me?
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