US equities open significantly lower, already breaking the sp'1900 threshold. From a pure cyclical perspective, the market is now on the low end, and is due a rebound, but until a daily close >1930, the bulls should be very concerned another key lower high (1946) is already in.
So.. a pretty bearish open, but still... I don't see a straight run <1810 from here. Maybe I'm just in love with the upside? Gods help us all !
Seriously though... I'm not chasing this lower... the weekly cycles do NOT support the notion of breaking <1810 in the short term.
*I'll boldly throw this one out there...
sp'60min'3 - H/S formation
I'd agree its already 'borderline'.. and any price action much <1890 would trash it.
However.. if the market can stabilise this morning, then we're still headed close to 2K.. and that would really cause MAX confusion for the mainstream.
time for some sun.... back soon.
10.40am.. provisional floor from sp'1891... but I'd agree.. it sure is pushing it for those still looking for upside to around 2K.