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Today we sold off into the 4pm EST close at 2175ES (E-mini S&P500 Futures) as we had into Fed minutes for tomorrow Wednesday at 2pm. That’s the first time in a while where we ended the day at the lows.
Is that a bearish sign? And what happens next?
Well, if what happened today is a 4th wave, then it’s possible to have an a-b-c 5th wave up according to the red line.
Anyone who reads the news is exposed to death, both natural and accidental, every day. Proximity and familiarity, I believe, are directly related to death’s impact on our emotions. When nearly a quarter million people were killed in the Christmas 2004 tidal wave, I confess, I felt absolutely nothing. It might as well have happened on Planet Zutron in the Xerex system. Part of it, too, stems from the old saw that “One death is a tragedy, a million deaths is a statistic.”
I was, however, deeply troubled when I saw this on the front page of the morning paper:
SPX went and tested possible smaller rising wedge resistance in the 2194 area yesterday and with the break below that rising wedge support this morning, that is now a candidate swing high. SPX 15min chart:
