$SPX off 87.58pts and 6.27% for the month with the monthly close just about 18pts off the low.
Fail: With several breadth indicators giving extreme oversold readings yesterday, the markets should have bounced today, even if it was just a little bounce, but there were no REAL buyers. IMHO, the move off the low of the day was just a short squeeze engineered by market makers. I don’t advocate shorting and today’s action is a perfect example of why. Shorts appeared to have the market on the run only to get pummeled into the close. Regardless, market dynamics flipped bearish in April and remain so.
Looks to me like this latest rising price channel is nothing more than a Bear Flag counter trend move. I think one more day with a close below the rising channel would confirm this, though some would say it is confirmed now.
I’ve been using these charts from TradingView for about two weeks and I think they are the best charts on the web. And they’re free and in real time.
P.S. I’m not sure, but you may be able to find my charts over at TradingView. Search for CurtisM or CurtisM. with a period after M.