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As impressive as the candle was that the bulls printed yesterday on the S&P 500, the bears are well on their way to coming back over the top with a vengeance. Yesterday’s bullish marubozu figures to be negated by today’s bearish version. Once we lost 1330 today, there was a pretty quick spike down to 1324/1325, which is where we are churning now. This illustrates just how important of a level it was, since it is likely that many stop-losses were triggered the moment we lost 1330, thus leading to the “woosh” down.
Other than outliers like ZAGG, there are not many longs that are working at all right now. To give you an idea of just how ugly things have gotten in a hurry, every single industry that The PPT algorithm ranks is showing a negative change in their respective daily hybrid scores (combination of technical and fundamental factors). It has been quite a while since I have seen that happen.
As the afternoon progresses, I am watching that 1325 level closely. It represented a key short-term level last week of first resistance and then support. A breach below it could trigger another swift move down, not unlike what we saw earlier today with the breach of 1330.
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Is she related to the wine ladies? WOW! I may be old but not blind.
yesterday was one hell of an exhaustion bar ..
possibly
Is that a pro?
It appears she is running out of chips, but I bet she knows where she can get more.
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LOL – I think an amateur from the 2009 WSOP