Overdue correction

The market has been long due a -5% correction this year. September, historically statistically the worst month for stocks, was the months to have it.

This down move began on the 9/3/21 jobs report. If you look on the S&P 500 futures for that date at 8:30am you'll see that spike trade to an all time high but then slammed back down. So for those blaming "China bank go bust" you already had price action telling you we had a top.

As to where things go from here... I am operating under the assumption we are still within a "bull market" and this was a normal correction. I am watching the Daily Ichimoku Cloud. So long as SPY holds it I will have bullish sentiment. If SPY starts to trade below it then it will have entered the DANGER ZONE... trade wisely :D

Commentaire:

The futures setup that marked the top. Watch for these price spikes everywhere. "Once you see it..."