Sorry about that. I meant to post a chart of SRPIX not SPX. Apparently you can't post charts from bigcharts and get the indicators to carry over. Not sure what to do here. The ECB is bailing out all the European banks, which sounds bad, but will shore them up which should make everything OK.
So the shorts got blown out yesterday and today we will gap down. Nice. I looked yesterdays SPX chart and noticed a late day meltdown followed quickly be a meltup. Strange times.
Gap count now stands at 4. Two above and two below. We will likely fill the 2562 gap today. Cash is king but we have the potential to make a W bottom here. 2490 needs to hold. If we can touch down to that level tomorrow or close to it, then it would be a lower risk entry, with the possibility of launching us back to the 2690 level to close the gap above. If all that happens, fundamentally I would have to look at reshorting the market on the potential double top...and then again I could be completely wrong, ha.
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