Low tick of the day was 2280 before finishing back above the 38% Fib at 2398. Ah, the suspense of it all.
Well, it’s on the table. A full take-back of the Trump rally (the same rally about which he tempted casino patrons to ‘ba ba ba buy!!!!’ just a couple months ago if their IRAs were only up 50% *). Coincidentally a 50% bull market retrace is on the table now. So how many of those true believers thought ‘Hmmm, what am I doing wrong? I wanna make 90% like the great Businessman-in-Chief says, I’m buyin’ more!’… ?
That would be 50% of everything that casino patrons have made since the last panic low in March of 2009, a handy 11 years ago this month. It would be 100% of everything since Trump took office.
For pattern aficionados I’ve drawn in an extreme reverse symmetrical triangle that meets the support/retrace area. The good news? SPX is over 1000 points toward its would-be destination of 1300-1400 points from the top, if that oh so poetic target were to be reached.
* This is no time to be posting drive by digs at the president, but he said (tweeted) it, it was irresponsible then (with no consideration whatsoever about the Coronavirus pandemic) and it’s irresponsible now. I noted it in a post January 9th, but if you click the link you’ll see that my website can no longer access the tweet, I assume because somebody sanitized it right fuck off of Twitter. Luckily, I saved the image of the tweet as a featured image for that post.
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