It looks like it got to 4731 out of the gate. That 9 point limit would have worked on the first dip to 4717, it went to 4928. Not bad, but where now? Hmmmm. No opinion yet.
luckily got out at 4680, merely 2 points from 4678 entry in the later morning. dropping before the market close, doesn't look very good tomorrow. will test 4600 before wednesday.
I'm still not bearish yet overall despite today's move -- which I didn't see coming and should have. The key is still small caps and whether they can get in gear.
Market top was yesterday, if...... This area fails. Looks like we have the classic broadening / megaphone pattern on the 4 hour chart. Take a look. its textbook. Most longs have been flushed out on Mondays move down after the trading range started Tuesday. Shorts starting to develop positions as evident by Mondays volume. Price is likely to chop in this area until an obvious lack of demand, or lack of supply is present. I'm looking to short but expect longs to make one last impulse attempt up, allbeit probably a pathetic one. Gonna be an interesting week.
Rollover, quad witching, and end of year shenanigans seems to have been disregarded in your thesis. Plus extra buttery popcorn for the general economic calendar and DC animaniacs too. Happy Holidays
Mreh, I think Spielberg should have stopped after Pinky and the Brain became popular during the Animaniacs run. He went off the rails after that.