This bear market rally has really pushed the limits and my constant harping of a turn down has cost me in my trading account. However, we did get some signs today that this might finally be over. The Nas100 did make a slightly higher high in the afternoon while the SPX did not.
One of two things happened here:
- we are in a corrective flat formation and we should see new highs tomorrow
- it was a failed wave C on the SPX and we should test the key support areas labeled on the two graphs (this is how I'm positioned)
Anyway, I have two charts, both 15min. One of the Nas100 futures and one of the SPX futures. Both tell the same story a little differently. It is possible that we completely breakdown from here, so if we get more than a 61.8% retracement or an impulsive look then that could lead us to new market lows in January. Not likely (yet), but a scenario that should be in the back of your mind.
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