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In my last post I was talking about an SPX target in the 4500 area as long as SPX stayed under the daily middle band. Since then we saw a short lived break above the daily middle band but SPX failed to convert that back to support and has delivered a new retracement low today.
I would note the open daily RSI 14 sell signal that I am expecting to reach at least the possible near miss target at 34-6 on the RSI 14 by the end of this move.
Today was a wickedly important today. Unlike last week (both Monday and Friday), we didn’t get the complete sham of “down hard in the morning, up green by the close” nonsense that the fraudsters at the Fed shoved down everyone’s throats. We got an honest-to-God down day with some important failures. Let’s review.
First, we have the Dow Jones Composite which has FAILED ITS UPTREND. Huzzah!!
You’ve probably heard of (but never spelled) Chamath Palihapitiya. He’s an arrogant blowhard billionaire venture capitalist who is absolutely full of himself. That’s not unusual for a VC, but he stepped in a gigantic pile of dog shit yesterday in an interview and is getting an amazing amount of blow-back, including from the companies he owns and controls! The guy is basically the World’s Biggest Douche right not……….