On Friday, I went "out on a limb" and called for an immediate 60 point reversal against Thursday's strong rally... and here we are, right at the 2800 target -- which is also an inflection zone
This is a little tricky right here, because we have some mixed signals from various markets, and while Friday kept bears in the game, the potential for an expanded flat still casts a shadow over everything. Let's get right to the charts, starting with NDX, which has a pivot zone to watch.
NDX bigger picture bearish option is alive and well for now:
SPX closed right at its first target and inflection zone, essentially to the penny:
INDU continues to provide some hope for bears, depending on what happens today:
In conclusion, the market has reached its first inflection point. While it's tempting to jump right into the bear camp, due to the potential for an expanded flat (i.e.- a "bear fake-out wave") I do want to see how the market reacts to this zone before doing so. The next couple sessions should be important. Trade safe.
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