I expected the market to be a little stronger. A bounce off the green trendline (neckline) back up to 92.50ish area before the collapse below the neckline. Well...the market appears a lot weaker than I anticipated and went ahead and closed below the neckline today. If there is a retest of the neckline, that would be an excellent time to get more short.Daily stocks are oversold, so a retest of the neckline is probably in order. I maintain my 82-84 target for the low of this move before a sizable rebound.
Again I am looking for the market to retest the March lows before the end of the year. The question is will we hold the low or blast into uncharted territory...
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