Critical Inflection Point...Here's Why
Ok I spent the last 5 hours since the close at 10 am my time doing work in everything and anything. I can sense this is a huge turning point for the tape. A very big inflection point. I wanted to go into great detail here to show you visually why holding support and not allowing a ton of downside is Such a Big Deal.
I did an enormous scan and refresher of everything going on in the indexes, foreign markets, our domestic sectors, and sub sectors, with extreme detail of what's under the hood in Micro-Land across all those said sectors.
Here are like 60+ charts....they all are saying the same thing....
....there is room for a little bit of downside...in their respective base patterns/counts shown...
But they DO NOT ALLOW FOR A LOT OF DOWNSIDE...that smashes hugely important support levels and key levels for TA patterns and EW counts. If they start to deteriorate in earnest...it's a MEGA WARNING that FLOOD GATES could open.
I tried to put a Red or ALT bad level of support and or a target on the chart so you could literally see on all 60+ of these what i mean. Many are not a little % down move...but big % drops on the event this support doesn't hold. This is 60 pictures of how if SPX breaks down a 2530/2400 handle isn't far fetched. Again reiterating how important the next few sessions and week or two are!
Why I'm paying such close attention right now...we really need bulls to start taking this up in earnest...or it will begin to fall and cascade on its own weight....
