Since I began to seriously study markets back in 2009, I have yet to see a pull back that did not end with a capitulation, climax selling event. Per $NYUPV and $NYUD:$NYUPV, and a couple of others, we’ve had seven capitulation selling events year to date with the last occurring on September 25th. Today’s sell-off, as bad as it was, was not capitulation.
Just as a market can correct through time, price, or both, markets can bounce through time, price, or both. While I am still looking for a bounce to the $SPX 1440 area, we are running out of time.
Know the market you’re in.
I’ll have more up over the weekend once I’ve had a chance to look things over.
GL & be careful.