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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • S&P E-minis took another leg lower, following a substantial move from the earlier highs at 4487. Breaking below the 4400 mark, this has extended the decline to around 6% on the week.
  • The move lower below the 50-day EMA has accelerated and a key support at 4485.75 has been cleared, the Dec 3 low, significantly strengthening the bearish technical case.
  • The next immediate level of note is 4383.85, a Fibonacci retracement. Below here may open up the potential for a move to 4311.00 Low Oct 12.
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