{+++} “I’ve had a lot of worries in my life, most of which never happened” – Mark Twain
The market acted horribly yet again, but 1841 held on the SPX and that has been a dependable level for weeks now. As I’ve said, if that breaks, 1828 is next.
At around 2:40PM today the SPX started a rally of about 10 points, got the bulls ginned up, then went ahead and collapsed and closed near the lows of the day. Very bearish action. It means that even the slightest of rallies are getting sold.
With all the negativity out there, the good news is that we are getting very oversold and we are due for a bounce. Frankly, I don’t want a bounce, I want them to get the flush over with.
It’s been a rough start to the new month but we have a long way to go and I’m bullish still, but very short term….. not so much.
We went from the market rotating, to an all out sell everything. All groups are pretty much getting hit right now.
Right now the Nasdaq and Russell are down about 6% so you have to wonder if they want to get them down 10%. If that happens, then the S&P and Dow should follow lower too.
The Nazzy and Russell have some room lower on the charts, so we will have to see.
See you in the morning. Hang in there and stay positive.