In the last update, I maintained my neutral stance of March 13, but did note a few inflection zones -- specifically 18,000-090 on INDU and 2080+/- on SPX. Monday saw both of those inflection zones reached, and on Tuesday, the market reacted with a reversal.
I have looked for ways to be bullish about the current pattern, but in the end, I keep coming back to this:
(note: typo, "blisterning" should be "blistering")
And this (published in the forums after the close on Monday) possible fractal match, along with the current pattern, which doesn't fit the majority of bottoms we've seen:
INDU's 30-minute chart: (continued, next page)
INDU's one-minute chart:
SPX 30:
SPX 1-minute:
In conclusion, while there are bullish patterns possible here, it appears that risk/reward probably (again) favors the bears at the moment. Watch the noted levels for additional clues. Trade safe.
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