The 10-minute chart of the SPY illustrates just how absent the bulls have been today, with no bids in sight. At the same time, the Russell 2000 continues to paint a better picture for bulls, with an inside day, despite weakening along with the market since this morning. Again, we are still leaning into the mattress of major support here after six straight weeks down. So, I am reluctant to expect any further meaningful downside in the short-term.
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if EVERYONE is looking for 1250, maybe it won’t happen?
above or below
Chess, what’s with ur LDK holding up so well?
RaginCajun is playing it. It had already been slaughtered ahead of the market, so it looks like sellers exhausted themselves.
gap support @ /es 1252.75… i don’t expect us to close below this level.
NIce
Hey Chess, haven’t commented on your board before, but been watching for a while (including the videos) …love your choices and taste in movie quotes, scenes, and pictures.
The RUT is having an inside day, but one would think based on the rest of the market action it will just follow-through to the downside tomorrow. There is no way it can really hold-up if the whole market tanks.
With that said, perhaps some relative strength is the first sign of a bottom. Between this holding and FCX not giving up $46, a double bottom around that 1250 area seems possible.
On the other hand, perhaps we’re just dicking around until this thing has a serious washout that blows away all of the charts, averages, and patterns.
Thanks