S&P 500 CASH

So...S&P went through 2977 to 2973...but it has a good recovery off 2973 and currently 3003 preopen...Now we stayed between the short term 38.2 and 50% fib yesterday...but this move obviously has to be completed in todays session...

As I have said..we are seeing a tug of war at the moment in this market...and it is who will win...the topping pattern on the monthly charts has taken 19 months so far and we know topping pattern take a longer time than continuation patterns...Now the pattern seen is quite a rare one...we call it a broadening top...Honestly I have seen many in my 38 year career....but the ones I have seen have had a dramatic effect on the markets...

So...we observe the weekly Inverted H&S continuation pattern...but also eyes on the monthly topping pattern.... So day to day it is a flip of the coin...Our technical stochastics are still bearish...but the ROC and RSI have just ticked up...I think we will know more after todays close...You can see if we open here we are away from the closing price of last night and the DP is at 2988...Markets do usually go and kiss this Daily Pivot....so do not get carried away with the " noise " today....In the S&P it really is a case of sit back...watch carefully...sell up to the top of the pattern located at 3031 to now 3040.....3031 was a measured target 3017 is the recent ATH...3021 is a fib objective from the 61.8 and 3031 a measured target....3040 captured the uptrend line evident on the monthly charts....care is needed...and patience will be rewarded


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