Was that ENOUGH Panic to Spark A Bounce??
I don’t know folks...but there was some.
The Panic at the end of the day was just a smidge. Nothing matters anymore except 3-4pm EST in the markets anymore. The last hour is all that matters going forward. If the market is up 100 handles in the morning it can clearly be gone by the end of the day, or vice versa. The buyers did not show up until 3:50pm for the last 10 minutes of trading and sparked a 20 handle pivot off the lows (shorts covering too and likely what most of that was). Was that enough panic?
It is up in the air. I was tweeting that the February lows were going to be tested, and now they have been. I Believe that over 2612 you have to cover your shorts and be prepared to short again higher. 2612 is a new pivot and bears should be a little concerned if that is taken back for the short term. Long term bears are just fine, hell SPX can rally 8% from here and still be in a downtrend
Today’s range is big and you need to be prepared for the turnaround Tuesday short covering fiasco that could occur tomorrow.
We have broken major levels and if buyers do not make their stand at this 2530 level tomorrow then this will get very...”flashy”.
Published by Hey I'm Snuffles
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