Hello Everyone,
Quick Note: Small gap down today with the lows made near the open and then choppy 4th wave type action the balance of the session. Today's gap down and consolidation left an island sandwich pattern which I will review tonight. Previously this year, this pattern has preceded further downside. The SPX has now retraced approximately 50 percent of it's recent advance (essentially backtesting the IHS breakout). With the intraday charts showing incomplete structure and bear flag patterns along with UVXY near its demand zone, I favor more downside probing. With that said, we have the big monthly payroll report tomorrow which will be the next catalyst.
AAPL market cap more than that of META, AMZN and GOOGL combined - just a factoid.
Level to level trading here as this bear market rally unfolds. Lately, we have see a rotation form Tech (especially Big Tech) which has helped stabilize the indices.
Please take a moment to look at the trade ideas.
