I was looking at the individual stocks in the top-20 SPX list, and frankly, many of them can actually stage a good rally, but they can also go substantially down. The market is at a very important juncture, and I would prefer to see what the next week delivers before taking any action.
The most recent shape traced out starting Jan 20th looks very much like an ending wedge which by all rules is supposed to be quickly retraced in the downtrend.
If it goes down, then the rest of the EU stocks will do so as well. If we break above the prior high, then the labeling is wrong and we'll do it all over again. Given how the US stocks resist to any dip I will just wait and observe what happens next.
The most recent shape traced out starting Jan 20th looks very much like an ending wedge which by all rules is supposed to be quickly retraced in the downtrend.
If it goes down, then the rest of the EU stocks will do so as well. If we break above the prior high, then the labeling is wrong and we'll do it all over again. Given how the US stocks resist to any dip I will just wait and observe what happens next.
