Shack, we've got Max Pain, daily lower Bollinger Bands, very oversold 60-minute charts, 50% re-trace levels coming up, and daily charts getting oversold. That's enough to cause a pause before the bear snaps its jaws.
COMP 50% is 1315, Dow 50% is 8150, SPX 50% is 862, NDX 50% is 975. I can't believe we're going knife right through the 50% re-trace levels without doing a .382 re-trace of the drop from the top.
Hmm, .382 of 955-862 on the SPX is 897, which is close to 900 Max Pain for January.
I think we actually may bounce a few points above the 50% levels, and the bounce may be even stopped a bit short of .382, but you get the general idea. |
