Hello Everyone,
Another down day today as those coil patterns we've been showing broke to the downside late yesterday on the SPX 10/15 min charts, and volatility continues. There is some slight positive divergence on the 2hr and 60 min time frames of the SPX, however the onus is on the 'bulls' to get a bounce going, otherwise price could break down to the next symmetry target around 3855.
Keep an eye on the 10-Year Yield and the US Dollar, we likely need to see a pullback in those instruments to see a rally.
No new trades on the reversion to mean systems, some of the systems have started taking positions in SPY and ES as you know.
Matt
