Not sure I'd delegate it as an inflection point. Rather a measured 2nd leg down. PA likes to move in 2's. Nothing is perfect obviously - but you'd be amazed how often this happens essentially every day. I expect lower levels than 4226 (3640-386) before its said and done though on other metrics.
I see no difference here since we are trading small ranges just under 50% line, at the moment I favor open long positions rather than shorts. Market is no convinced yet because high energy price and high inflation will damage the outlook. I expect OPEC and/or US will say something about the oil price soon. Inflation is a bit difficult as long as Chinese tariffs are still in place, that contributes at least 1.5-2% of the inflation number.
I also see this, and it seems like a nice area of support, although I am getting @4241.5, possibly because I am using 24 hr charts and am too lazy to change my parameters.
Interesting. Unfortunately all completely irrelevant and useless for how I trade. My interest is solely charts - not macro financial developments.
That was a nice dump into the Close. Closing below last week's mid-point and closing in on last week's Low. Gravity is definitely weighing down on the markets lately.