This daily chart of the SPX and today's candle is exactly what a head fake move should look like on a closing basis with higher volume than yesterday which I think we'll get.
SPX broke under the 200-day ma and moved back above.
We still don't have great confirmation although I'd say our trade plan for a bounce here is a probability, the charts still need to be in line.
So for now , since we still have plenty of time in the day, I'm looking for the NYSE TICK to come down.
The earlier up-channel that hit extremes of +1500 broke down a bit in to a flag-like pattern. I'd like to see this come down, market averages come down with it and the confirmation 3C charts show some better charts, at least further out than 1 min charts, otherwise, this may just be a brief speed bump before the market slices through the 200-day like it did eventually with the 150 day.
The bottom line is still patience.
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