I have to say, it was very amusing to see the maniacs buying the gap lower, only to get kicked en-masse at 10am. Clearly, all of those were amateurs, who have no concern about the state of the daily cycles. Utter madness for them to buy the gap lower, immediately after the huge bear flag having been confirmed.
A little bounce is to be expected, by end-day, bears would prefer a close under the 10MA -currently 1378, but falling rapidly.
Sp'daily - bearish outlook
*special note on daily chart
Its possible - if it is a H/S formation, that we are still creating the right side of the 'head'. Thus 1340..then a bounce to 1370/80....and then a break under 1340...with target of 1270/50 in May.
I will update/create a chart to illustrate that idea later.
The daily cycle is now a very pleasing sight, we have the big bear flag confirmed, and first target remains an easy 1340/25. There is a lot of chatter about 'where will we floor?'. As noted earlier, we'll probably know nearer the time.
First, we need to hit 1340..more likely late Tuesday/early Wednesday.
Frankly, anyone taking on new long positions today is a crazy maniac.
in the bunker.