Hello All,

Again, more is warranted!

We’re switching from the 2 hour chart back to the daily because a GAP closure is now a strong possibility due to the force of selling.

For those that haven’t had time to keep up, below you’ll find the timeline as to how we got here from being prepped to be bullish early last week.

Thanks!

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Yesterday afternoon we put out a rare update that focused on intraday action.  We did this because we felt that the technical complexion etc. warranted it.  Here’s a reprint:

“We don’t often read too much into sub-daily 2 hour charts but a possible double top pattern with a break of support has shown up RIGHT AT our 61.8% Fibonacci retracement level near $281.00 in the SPYs.  Coincidence?  Maybe, but worth noting! 

Rolling is prudent.  Rolling when a bounce goes too far, too fast and fails 2 days in a row at the same resistance level after putting in a big gap???  You be the judge!”

Here’s an update on the SPYs action and the nearby support levels should weaken further:

If those first 3 give way, $270 is next in the crosshairs and then if that doesn’t hold, the full-blown retest we mentioned may have chance to materialize all the way down near $260/.

More when warranted!