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SPX is at the 80% retracement. Will it turn here?

Stock-Markets / Stock Markets 2016 Sep 29, 2016 - 12:50 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Good Morning,

Thus far the SPX has made an 80% retracement. Normally this would be a dubious distinction, since the odds grow of making a new high beyond the 78.6% retracement. However, this seems to be standard operating procedure for this top, so we’ll have to monitor it as it develops. Being the end of the quarter doesn’t help the bearish cause, but a lot of big name stocks are not making new highs, which is a first.


The Premarket is flat as I write.

ZeroHedge sends out this missive,

“With Saudi devaluation bets soaring, Chinese money-market rates popping, 2 debates and an election looming, and the most systemically dangerous bank in the world flashes the reddest of red warning signs, HSBC's Murray Gunn's conclusion bears paying attention to. Between wave-trending signals and disturbing technical trading patterns, Gunn warns of "ominous shades of 1987" for the markets.”

I agree. The SPX has a similar formation and it may open the floodgates.

Regards,

Tony

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