Make no mistake – on the Monthly timeframe the SPX is toast unless it can make a new all-time high. This statement is based on both instincts and my observation of the chart.
Check out the Monthly chart and you’ll see what I mean.
However on the near-term timeframe we have detected a change in trend and expect a bit of a “relief-rally” (drink).
I received so many mixed messages from gentleman wearing neckties on CNBC that I had to mute it mid-day and turn on some music.
Here’s a look at the hourly chart after the close.
Save your market bias for Twitter – I’m trying to be objective here and show you what I see.
Standard disclaimer applies:
Never take financial advice from your neighbor’s cat
Here’s another long-term view of things.