SPX blowing right past daily resistance, need to look at the weekly chart and broadening wedge. Appears to be bouncing to the top of the wedge. Also the 3 other bounces since Oct 3rd reached right under the weekly mid-BB.
Historically, when markets drop 15-20% off the highs at start of bear markets we always get a 50% retracement bounce. Expect a bounce from this level before making new lows.
Lots of bearish signals appearing on all timeframes for SPY. Tech still weak and selling off. Market action is still weak (all pops get immediately sold off). We keep testing crucial 262 support. Look for a break under 260 for a capitulation event down to 250 area. This is when we will see the bullish reversal.
