The Men Who Stare at Charts (SPX Edition)

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.

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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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