that's what everyone thinks which is precisely why it's wrong now that all the stops have been taken out in CL and ES, the weak hands have been shaken out and it's going up from here
It's hard to tell how the bottom will form but many times it just ranges making micro lower lows until it finally goes outside the range and provides the breakout. Sometimes it snaps other times it's a process. Shorting this area is suicidal as the market will soon begin the process of creating a higher low to develop a triangle for what's to come, earnings season. Have a great weekend everyone.
Not necessarily suicidal to short here, I'm still of the opinion that this thing is stuck between 1800 and 2100, 1940 is right smack in the middle of that range so the R/R for both short and long is about even here.
Yeah market breadth has been horrible for some time now, only a couple of large caps are holding up SPX now.