Tom DeMark almost has a complete 13 count down meaning a rally is expected soon according to the Marketwatch.com article at the following location: The technician who called the 2020 market bottom says a 'shocking rally' is in store - MarketWatch . DeMark is expecting a big 62% bear choking retracement up to 4453 S&P.
My own trading system is standing on the table and screaming buy, and yesterday's risk window appears to have tagged a low, so I can't argue with DeMark's optimism.
Regards,
Douglas
Certainly not impossible to see a big fast rally back up to rolling over 200 day MA on SP
Although with the current configuration of the Mega Caps, and especially after the TSLA breach on Friday, still not ruling out a decline that shocks people before we make IT bottom.
Still using Rusty 1780 and 1800 pivot points, as if a rally comes, it should be led at the turn by Rusty, and the early signs are there..
And probably, if 1780 is reclaimed on Rusty, then the huge pivot at 1800 would likely be taken by the bulls as well, and THAT is what could trigger a big short covering rally.
So if we do not head straight back down on Sunday night, which is still a real possibility, than I may finally start to look long for a bit.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy