BTW, Aspray saying similar things.
We all are looking for clues on this bounce. If we get no bounce, that says even more. We should btw. If weak, that tells the tale. If we blow through 2000 with good participation, we learn something else. Unfortunately, NAZZ looks 5-8% higher max, SPX 4-5% and behavior on way down to 1900 and then 1800s (likely) becomes key. The one thing I am seeing that I do not see commentary about though, is that this move here might have been the retest with Aug/Oct one event and this the retest, in which case, we might back and fill but not go back below high 1800s. A 4th move down there may fail, as support weakens each time. Better not to go there again. BUT even on some of Northman's charts, we bounce hard off oversold, go back down with stocks and indicators holding above lows, then go up. The surprise here would be the V. Most likely is up then down then ?. The other surprise would be straight down again.
Jon |
