ES is reaching our next downside target right on schedule.
Note that if ES hadn’t spurted past its February highs in late August, falling to our 100-DMA target would have involved a fairly shallow drop of 5.5% and would have preserved the rising white channel.
Instead, we have a 10.8% loss so far and face much greater technical damage if support isn’t retaken – all for the sake of completely unjustified higher all-time highs.
Fear and greed. It’s the same old story when it comes to markets, even in the age of algorithms and central bank interference.
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