The S&P 500, even with the recent more aggressive selling, has not scored any structural breakdowns in trend. This suggests the recent "distributive wave" is more a correction of near-term over-exuberance than anything deeper.
Chart Watch – S&P 500 weekly chart with trend lines
click for larger chart
chart courtesy of Redwood Technimentals
does not mean we can’t correct more after a modest bounce — but as of now, there is no evidence to support the notion that this
is the start of a much larger correction — at least not yet.
Even with the recent pullback and moderating internals, neither support levels (red & green line – 1,175 and 1,160 levels respectively) nor the uptrend (black line) on the S&P 500 have yet to be violated.
Quote of the Day
"Reality is merely an illusion, albeit a very persistent one."
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.