Bears had a pleasant break from the uptrend yesterday, pulling back to close on the low just above support at the 50 DMA (2107) and the daily middle band (2104). On the bigger pictures the bears
haven't accomplished anything yet, and to take back control of the market they need a closing basis break below the daily middle band. Until we see that this is likely to be just be another buyable dip. SPX daily chart:
theartofchart.net in collaboration with Stan Nabozny. I think for the moment I'm going to try posting a chart that belongs there at the bottom of each of my morning posts & see how that goes.
This chart is the falling wedge breaking up on GC on an hourly buy signal. We're expecting a reversal pattern to form and then a likely full retrace of the wedge back over 1200.; GC 60min chart: