I may have been proven wrong. The S&P has just made a sharp impulse down after failing a new high. Notice it did it at 10:55 EST, right in my "dead zone."
If I study the S&P cash index, something I've been doing less and less of lately, this could be it. Yesterday the market may have peaked, today it corrected in three waves up, failed, and tanked in a sharp impulse. This is what you look for at this juncture if you're a bear and you think this market is propped up on dope.
We are not below 1313 yet. We'll soon see whether it's the market's lucky number, or a doubly unlucky one.
Stay tuned.
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