It certainly looks like we’re almost there.
The eminis seem to be already there…
A break below 1626.46 and it’s probably game-on. But, we haven’t quite hit our 1635+ target. I’m inclined to believe this is a fakeout to buy a little more time, shake out a few weak bulls before the final thrust.
UPDATE: 12:25 PM
SPX continues to bump along. It recovered from the first plunge down to the red midline, and is back at it only 2 hours later. This time, however, there’s a small Head & Shoulders Pattern at stake. It would complete at 1627.33 and target around 1621.30.
Remember, we’ve seen more than a normal number of H&S Patterns not play out over the past couple of months. So, odds are that this is another shakeout brought to you by your friendly neighborhood market makers.
As always, use stops — and update them frequently to keep them where you’re comfortable.
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