BIG pivot was set today on SPX.
Don't know if it will last only a day, or for months at this point.
But what I do know is when that pivot gets taken out, that island is toast, and new highs will follow.
Action on NYA, RUT, XLF not great since yesterday morning and could be a warning shot across the bow at an extremely key pivot zone.
That triple spike I noted yesterday on RUT hourly was particularly ugly/worrisome. With today's failure right at the back test of 1440, and today's action into the close on RUT, it did not make it look any better....
If Dow and Trannies start to join in downside tomorrow, then would be another warning sign...
I see no reason to be aggressively long at this point until at least RUT 1440 and NYA 12,100 levels are breached upside.
When attempted breakouts fail, is often when you see some of the worst declines.
If the market does recover those levels before taking a swan dive, then will get super levered long....but right now, all these laggards not being able to break out and join in upside is concerning...
Edited by K Wave, 07 July 2020 - 07:56 PM.