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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.
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.
