As violently as the market is going to be moving between now (Sunday afternoon) and the open tomorrow, this post isn’t going to age well – – but so be it. The ES dropped 5 points at the opening and, as of this moment, is already in the green. We could easily get a 25-30 point bump higher on the ES, because the drop on Friday was so swift. I’d say the first area of meaningful resistance is around where this tint is.
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With the Dow down over three thousand points from its bull market peak, there is naturally a lot of chatter about how far the market is going to fall. You already know how wildly bearish I am, but let me temporarily leap to the other side and share some charts which argue for a bounce at these levels.
First up is the SPY, the biggest ETF in the world, which is coming right upon the same trendline that offered support on February 9th before a gigantic reversal. Take note also how this trendline was the support trendline when the market was trapped in a channel for months.