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I was trying to find a similar support and reasoning for SPX to
rally apart from being oversold. WE broke through most of the
Rareto….The reason was we met the downside target on the SPX,
which was the weekly propulsion down target. It was 420. Today’s
low was 420.
That has been a worst case support level for this move I have
seen being discussed for weeks with Funds controlling many
billions. The fact that today was a perfected daily -9 on btc also
helped. Additionally, the mid-day (around 1pm) TDST buy signal in
BTC was the spark that set the flame.
These types of moves to and from propulsion levels are a daily
occurrence in the crypto markets, which is one of the reasons the
crypto markets are so profitable for advanced traders. Literally
almost everyday there are large cap cryptos moving much more than
the spx/qqqs did today and the direct correlation to technical
indicators, especially Demark Sequential and Propulsion, are even
better than in equities, because the percent of directional volume
by quant programs is so much higher in crypto.
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