Bullish patterns just wither and die in this market.
The bulls had to hold SPX 820, and couldn’t. Those higher high candles on the SPX and Nasdaq daily charts have both failed.
Generally, I’d look for a swift move down to the November lows. I say generally I would, but the market still has a chance at retaking SPX 820 and trading back in that range. Stochastics are due for a bounce, but can stay that way too.
Financials are just horrible, unless you’re short.
The two big winners for the day were SKF and TAZ. The gaps higher in both left sellers from Friday scurrying to get back in. They say to trade with the trend, and in this market especially, that’s the easiest method. Reversal of trend is tough to find. This is the last area of support for the SPX before another open void below.
