If a retracement is indeed underway, then what we're seeing right now are little bear flags develop on the hourly index charts. VIX is holding together - with an appropriate, and contrary bull flag. Metals remain weak, with Gold -$13
Tis the last trading hour of January. We're almost one month down already on the year!
I do hope the bear flags are indeed just that. If so, they probably count as a minute'2, and thus we should indeed see a major move lower - with the indexes going negative MACD cycle.
The price action to start February..and lead into the weekend will be VERY important.
*Bears need to close the week <sp'1490, with VIX in the 15s.
back after the close