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.
It’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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