Good morning, everyone. In my video last night, I specifically cited the underbelly of the broken trendline as resistance. Well, a picture speaks a thousand words – – that is precisely what happened overnight.
This sets up the real prospect of a substantial drop to the next trendline down (which is the major one, anchored to the horrific October 13th low).
Taking a much farther step backward, we can see the majority of the bear market here. Breaking that October 13th trendline is key to resuming the broad sweep lower.
The NASDAQ will add fuel to the fire if it can break support at about 11,530.
I’m coming into the day fully committed (25 bearish positions, no cash). Keep in mind the two presumed big events this week are tomorrow (Powell speech during market hours) and Friday (jobs report, an hour before the opening bell).
