Dan … We’ve Bottomed Out !!!
‘Hey Dan, the worst is behind us.’
That’s going to age just as well as our picture at left.
Toilet paper across my face, makes me feel so much more safe.
Within the first ten seconds in the link above, Dan from i-Allegedly gets into it.
He still, at this late stage, has people contacting him to say we’re past the bottom.
He summarizes those comments by saying, ‘We’re far from the bottom of anything.’
Then, as if on cue, ‘Economic Ninja‘ comes online to let us know, another 200,000 egg-laying chickens have just been destroyed in a ‘mysterious fire’ … imagine that.
Almost becoming background noise to all this, the S&P 500, in a sharp rally on Friday that looks like it won’t stop.
S&P 500, Summary
Friday’s action took the S&P back to test resistance on waning volume while at the same time, posting a Wyckoff spring to up-thrust.
That’s it in a nutshell.
Daily SPY, Close
With markup notes
Getting closer-in on the candle chart.
As of this post (3:31 p.m., EST) the futures are higher by a tad at +0.52%. The question is, will that carry-through into the Tuesday open?
Of course, that’s not known. What we do know however, is that price is at established resistance and in up-thrust (potential reversal) condition.
Even if the ultimate direction for the market is higher, normal behavior would suggest a pull-back to gather more fuel for such an attempt.
Otherwise, we’re at the danger point; conditions have been set for downside reversal.
Update 6:47 p.m. EST:
S&P futures dropping … now up only +0.17%
Charts by StockCharts
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The Danger Point®, trade mark: No. 6,505,279