What goes up must come down, right? That was a pretty quick retrace right back to the June 9th peak driven by the job's report FOMO. In just about 3 weeks the S&P negated 2 months of rally. IMO, still has more to go. Right now it looks like it might hang around this resistance level. I still feel like there is a bounce here, but it could just be a pause before another move down. I like the bounce so it can pump the RIS up so we can have a nice long downdraft to the 3050 range. As you can see, there is plenty of room in the down channel for this type of move.
The NASDAQ is down but not as much as the S&P. Once the NASDAQ makes a similar down move, the S&P will drop like a rock IMO.
The NASDAQ is down but not as much as the S&P. Once the NASDAQ makes a similar down move, the S&P will drop like a rock IMO.
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