We tagged that descending tread line and started to retreat right next too this should be fkng interesting lol.. Starting to get a sense were gonna see some movement here.
How did the NYSE know that there was an imminent and urgent need to set rules on Volatility starting Monday morning. The announcement came on Thursday before yesterday's sell-off? What did they know that the rest of the market kingpins did not know???
I didn't put the Fib retrace level, (I should have added that as well)
Resistance shoulder zones are waiting overhead. (270-275)
Price looks like teetering sideways to stabilize for a while in this middle zone.... would be mildly positive versus falling down. Rally climbing higher here meets resistance around 270/272...this area could be a serious danger zone if the powers would be intending to crash the market in 2018. (like "sell in May...")
Support critical to hold looks like 260 area in the current cycle pattern.
Any rally above 277-ish looks like the Plunge protection team has saved the day and everything is AOK again.