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.
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.
UPDATE: Told ya so!!!!!
