Apologies for the missing and late update so far this week. The bug I caught last week is taking longer to shift than I expected. Hopefully it should be gone by the end of the week.
So where are we up to on SPX here? Well the big gap down this morning has taken out daily middle band support, and the small flag I posted yesterday has broken down with a target in the 1912 area. I’ve drawn in the likely H&S patterns that have formed on SPX, Dow and TRAN and if these are right then all of these are on their way to retest the panic lows. I have drawn in possible alternate necklines on a bounce from the AM low today, but I’m not expecting right shoulders to form on those. Just a possibility to consider. Scan 3x 15min SPX INDU TRAN charts: