SPX - Island Reversal?
I'll be tickled if this turns into an island reversal pattern with a gap down after hours.
That would also respect the light blue bear channel.
That would be a poetic and telling way to fill yesterdays gap up, with a very ominous message.
Note that our daily support (yellow) was from two pretty prominent recent peaks... so this could be enough support a bull run.
I also see a broadening wedge forming today, which is often bearish, as we slowly melt lower and lower with increased oscillations and volatility. Did you see the vix is rising again this afternoon?
I'm still cautiously short, and I won't be surprised at all if we discover clues as they unfold that change our position to long. I'll be looking for those clues along the light purple support vectors, or a the bottom of the gap.... or any other level that the masses of investors might draw lines between and think is significant! LOL
That would also respect the light blue bear channel.
That would be a poetic and telling way to fill yesterdays gap up, with a very ominous message.
Note that our daily support (yellow) was from two pretty prominent recent peaks... so this could be enough support a bull run.
I also see a broadening wedge forming today, which is often bearish, as we slowly melt lower and lower with increased oscillations and volatility. Did you see the vix is rising again this afternoon?
I'm still cautiously short, and I won't be surprised at all if we discover clues as they unfold that change our position to long. I'll be looking for those clues along the light purple support vectors, or a the bottom of the gap.... or any other level that the masses of investors might draw lines between and think is significant! LOL
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