Yesterday saw a sharp decline into an early morning low that was given back in a grind up for the rest of the day. The low was an almost perfect test of the daily middle band, and that may well be it for the retracement I was expecting. If not though then of course I was saying yesterday morning that more might be needed to be done on forming short term topping patterns, and I’d note that five of my six optic run charts now have nice looking possible double-top patterns, and the sixth is right at resistance and was turning down there at the close last night. SPX has now formed a very nice looking falling channel from the last two highs and if that survives into the open, then overall this is a potentially bearish setup for today. SPX 60min chart:
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