If the s&P 500 drops to 1192 that will be 2.8% correction off the highs which will be 1.2 times greater than any other pullback on this last leg up. That would be a sell or short signal on an intermediate time frame.
In any case, that would basically confirm the outlook that a correction is underway. I already believe that is the case based on the failed breakout of the April highs. Other signs to look for are a close below the large gap up from last week and a VIX close above 22.60.
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