updated: Oct 13, 2022
In our last update on COMP [see: Apr 25, 2022 Update] I noted that after reversing within 0.3% of our 16,158 upside target in November 2021……COMP had dropped to our 12,813 downside target three separate times. I wondered what it would take for COMP to reach our next lower target at 10,122.
[Last November] we identified two downside targets: 12,813 and 10,122. COMP topped out at 16,212 the very next session and reached 12,813 on Feb 24. And, again on Mar 14. And, again today. What the heck is going on? After three separate attempts, is 10,122 still on the table?
As we found out earlier this morning, 10,122 was definitely on the table. In fact, tagging it has touched off one of the biggest single-day bounces we’ve seen in ages.
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