Prices made new lows but did put in a reversal candle on the 60min chart. Looking deeper into the structure of the current run down sees overlapping prices which could be a corrective low wave-b, and should see a wave-c rally tomorrow. The divergence on the 60min chart provides us clues as to the direction of tomorrow's market, but we should caution that we are still in oversold and down-trending sentiment.
The SPX could stop its rally attempt at one of the fib. levels shown below at 1935 - 1914 range. Then the pull back should be key as to how intense and whether we make new lows. The Daily 200ma is now at 1905.57. Since this is the second day that we are below the 200ma, there is urgency of the bulls to regain it in a short amount of time.
MT: DOWN
ST: DOWN
PA: DOWN
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