Todays rally doesn't seem complete for the SPX, but I could be counting the patterns wrong. So far though nothing has changed for our indicators. Everything seems to be point down still. The bullish case scenario is that we are done and yesterdays low was it, and we are making a 1-2, 1-2 pattern (overlapping and making it look like a corrective rally).
Any price movement above 1770 range is bullish.. At the moment though we are in a congestion area shown with a horizontal dotted lines in green and red on the chart below. Also our positive divergence has disappeared and this is bearish signal on a ST point of view. Our 1720 target is still within reach.
MT: DOWN
ST: DOWN
PA: DOWN
Still in Play...
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