Not much to say... We saw once again how the market can smash wiggle structures and go on without even noticing... I have in mind the impulsive looking decline into the 2005 low a couple of weeks ago. It got knocked out clean - first on its upper, and later on its lower end.
I think there is some attractiveness in the view that 2104 of early December was a failed 5th of an impulse up from 1867 - and the choppy stuff ever since is the wave 2 correction. Must say, with all the volatility, the decline. from that 2104 is a bunch of choppy overlaps.... Could be corrective. For Bulls, 2081 is key resistance.
Who knows, there sure appears to be some, possibly, excessive bearishness... The index is still 150 points above the August - September lows, but the general consensus seems to be that we're rolling over into a big bear market.
So, not much help in these musings, I'm afraid... We have declining ranging action (on 60-120 min), in which today we printed a new low (before the somewhat energetic bounce later in the day). I'm sure there are folks willing to make significant bets right now, either up or down, but I'm not one of them.... :) |
