Commentary

9/22/20 – x00 Again

The edge produced for Tuesday by the Monday decline is not exactly arcane knowledge known only to a few adepts, so the pop from 3 to 4 pm was hardly a surprise.

The outlook for the rest of the day is OK, but the most likely signal tomorrow is x30.

The break below the congestion area does not guarantee doom, the market could continue higher here without violating any cosmic rules. However, the bull case is now that this low was just a head fake that will resolve itself into some kind of reverse head and shoulders and everything will be more than fine.

As usual, with this setup, the only buy signal possible from action today is another x00.

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