The acceleration today was better than last weeks attempt, but prices still managed to try to fill the gap. On an EW perspective that is a pretty deep retrace. By the end of the day SPX managed to stay between the range of the day. Breaking down the patterns from morning to the end of day, we can see that prices were moving in a corrective manner. We can possibly start the day or be in a positive day tomorrow. But bare in mind that we are corrective so prices should still work themselves lower.
Our Main-Trend has changed direction and like we discussed last week. The Short-Term has managed to manipulate the Main-Trend to the downside. But it is not confirmed as yet so we shall wait till end of the week.
Main-Trend: DOWN (Unconfirmed)
Short-Term: DOWN
On a 60min chart, you can see that the price is hugging one of our angles and gap open on the upper trending angle. Pretty precise of a intersection if you ask me.
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