As clients know, SPX 4218.70 was one of my short price targets given over the past few weeks. We tagged Tuesday of last week then digested that level for four days! Wednesday and Thursday of last week I saw net selling slow and turn around, while "the rate of descent in breadth destruction is slowing". Then strong volume came in Friday Oct 6th - before the news of the Middle East War breaking out this past weekend. Monday I pointed out that NET BUYING had been picking up which supported the strong bounce we had from SPX 4232 into 4376 - which was muted compared to the strong move in QQQ from $355 to 373.74.
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Still Waiting for a Capitulatory Low
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As clients know, SPX 4218.70 was one of my short price targets given over the past few weeks. We tagged Tuesday of last week then digested that level for four days! Wednesday and Thursday of last week I saw net selling slow and turn around, while "the rate of descent in breadth destruction is slowing". Then strong volume came in Friday Oct 6th - before the news of the Middle East War breaking out this past weekend. Monday I pointed out that NET BUYING had been picking up which supported the strong bounce we had from SPX 4232 into 4376 - which was muted compared to the strong move in QQQ from $355 to 373.74.