Saturday, March 7, 2020

MTU Weekend Ed - Reversal (3/6/20 close)

SPX likely has a reversal which is correcting the exuberant rally since the December 2018 low or possibly beyond.  The February sell-off is already at 51.36% retrace.  Keep an eye on the blue line as potential overhead resistance.  See Chart 1. 

The rebound since the low managed a to 52.24% retrace of the sell-off (Chart 2).

If the rebound already over, Friday's recovery rally into the close is likely a small degree C wave of a flat (Chart 3 red) - note the higher low in INDU.  Otherwise, the rebound is likely to continue towards the blue line.




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