The rest of the market is already cracked: Russell2000, Nasdaq, Biotech, Apple, FB, DAX, Bund, Sensex, Nikkei...
My base case is for the correction to pursue to 2040 before a (global) rebound.
The surprise would be a resumption of the rally from here (possible as other indices are already oversold).
Whichever the path I think the current leg up will be capped at 2160.
ISM this afternoon: ISM has been trending down in the last few months and so was the expectations (52.1 expected).
Trading: I am running a short and may buy around mid May when everyone screams “Sell in May” on the cliff (2040).
Key strategic Pivot: 2040.
Kommentarer
reluctantplumber
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S&P is still strong my friend. I still see 2140 in May. The market is running in a high frequency here. I do agree with your chart for the most part, but I think the time frame is tighter.
Cpt_Picard
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Hey dude, we might have misunderstood each other. I wasn't aware you labeled a pullback of a few % as a correction. The term correction is otherwise 10% for your information. Nice graph by the way.