The hour before the open was ridiculous. It went like this:
- We were already red
- The CPI came out hot
- The market plunged
- For no reason, all equities climbed INTO THE GREEN
- Then, once the open came, all holy hell broke loose.
![](https://slopeofhope.com/wp-content/uploads/2024/09/stupid-640x425.png)
At this point, we’re precisely at the Fibonacci level, which represents meaningful support. This is the low we saw last week. Break this, and we get a whole near bearish chapter.
![](https://slopeofhope.com/wp-content/uploads/2024/09/fibsup-640x367.png)
UPDATE: Told ya so!!!!!
![](https://slopeofhope.com/wp-content/uploads/2024/09/fibfol-640x466.png)