At Last

etta james

Etta James

SPX should finally hit our 2063.95 target from Nov 3 [see: Beware the Bat] in the opening few minutes  (click on the great Etta James to the left for musical accompaniment.)

The chart back then showed a relatively quick backtest that would take a few days at the most.  Somehow, that few days got stretched into 9, testing our patience and fleecing traders trained to always buy the dip.

2015-11-03 SPX Bat 0618It’s not that TPTB didn’t want to allow a backtest.  They just didn’t want the average Joe to participate.  Hence, our warning for the past several days that it was likely to occur on a gap down in the morning.

First, a quick look at why it’s happening this morning, followed by a review of what’s likely to happen next.

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