NYSE Composite, daily
I really like this chart. You can see the H/S formation..which broke lower, then a bear flag..and finally flooring (with sp'1266) in early June.
We are still arguably very much within the tolerable range of a wave'2. A wave'3 by definition should at least take the market down to around sp'1225/00.
If this lunacy (since Thursday 3pm) can indeed level out at current levels, that outlook is still viable later this month.
meanwhile...
Sp'60min
Summary
A close under 1363 would be useful for the bears today, but I'm really not expecting anything moderately bearish until at least Thursday.
I suppose we could be putting in a double top - although Rus'2000 was well above equivilent levels on Friday, we'll probably know for sure by Friday.
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*Special note.
The NYSE will close early tomorrow at 1pm.
A link some of you might like to bookmark.
NYSE holidays
More later..on this rainy afternoon in London (at least Wimbledon has a roof now)