[edit] …and here comes the EoD kick save attempt trying to put a tail on the candle. I am hanging loose for the moment, having taken enough lumps this week and just loving me some cash. But even if SPX gets above support, that tail on the candle could be a sign of coming weakness.
Well, say goodbye to daily support for the S&P 500; at least in-day. This is obviously not good because it is coming after a failed stock market bounce on some Fed minutes b/s. Cash and the search for bounce points to take longer term short positions (but really, cash and equiv’s is a position!) looks like the near term future.
RSI looks like it is going to 30 after failing to hold the upper 40′s. The initial target would be a higher low to the January correction, assuming today remains like this. But even if it doesn’t, the in-day breach might be meaningful.
Here’s the 60 minute view on the chart we showed yesterday…
