Short Term Trading Member Forum

[arjunah]

SPX: The downside targets I mentioned last week projected by the breaks of the 80W FLD were met today (and yesterday). But, I still have another 7 weeks to go on my preferred phasing for the 4.5Y low. Ordinarily, I'd expect a bounce now that would only last a week or so, since this last 7 week cycle should be severely left translated. However, the large rate cut is a fundamental event that could delay (but not prevent) another sell-off, just as the surprise cut in September propped the market up for only about four weeks.