One could surmise price is currently at the top of the channel and we have a long way to fall from here. Another way of looking at it, price has dropped back to resistance. My call, Friday begins a climb up, not a fall down. Go bulls.
Wouldn't be surprised if we need to shake out some more people in the a.m. so "Go Bears" can do his victory dance before the rug gets pulled.
My algo says one more down day on ndx. Now that's strange because normally spx & ndx would be similar, rise or fall together, but I'm not going to argue with it, the climb Friday on spx is weak according to algo, so possibly ndx will fall and spx may be flat. The way its looking, next few days may be short range choppy on spx before picking up speed, but ndx falling tomorrow.
My algo is a new one, so I need some experience on it yet, took approx 3 months for me to code it up and took 20 attempts. I think it's about right now, ie no further major tweaks required, but it needs time to road test.
It's a trend day for sure. I want to give you kudos for shorting into the rally earlier this week and not wavering. There sure was a lot of bullish sentiment on the boards by Tuesday's Close. What gave you conviction?