Hello Everyone,
No change in trend but we do have VIX expiration tomorrow with the OPEX week and often times the market enters into a weaker period.
On Tuesday, I mentioned the market likely topped out for the week as this above lined up with my SPX mapping (See SPX 30 minute chart). The SPX has fallen nearly 150 points from high to low and NQ has lost over 1000 points. Currently, I favor this to be a temporary retracement (SPX holding above 5450/5400) as part of a larger degree wave 4. As posted on trading community, the RUT was the most overbought index EVER and in dire need of some unwind which we have seen the past two sessions. No long trade ideas on Tuesday for good reason. OPEX tomorrow so let's remain prudent and be on the prowl for some potential swing entries into next week.
ES levels posted on trading community.
Please take a moment to look at the trade ideas.
