We are finally getting a the 1st of the year SPX Daily average down phase confirmed today. This market has been extremely OB now for a while. The 60 min is out of OB and the Daily is getting close, and the Weekly is going from Extremely OB to OB. So this market has been way overdue for a good correction.
Lets see if we can get the overdue Daily extended down phase confirmed on Monday. Then we will likely get the overdue Weekly short down phase confirmed next Friday.
But a Weekly correction at this point will be a long shot because currently a 60 min up phase would likely keep the Weekly from confirming a down phase next week. Monday will be a big day, what happens on Monday should tell us which way the Weekly is going. The 60 min & Daily are getting close to being OS.
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