One more time...."Until 3600 is breached on Volume...you're still in the topping pattern in the ^GSPC".
WTF...
I saw in my notes that I gave you a Gold Star awhile back for one reason or another.
I always give a bonus chart to those I give a Gold Star too...
Here ya go.
Mull it over. Carefully...
What sector is leading this decline? Correct. Bank stocks...everything else will eventually follow.
With that said...
"Once the MAGNET(2,24(x) to 2,25(x).) in the ^GSPC has been achieved, it is best to walk away and clear your head for the eventual turn in the market, BUT that does not mean the MAGNET is the low."
Far from it...
Since I cannot recall if you were around in the spring of last year when I explained the magnet...I'll repeat...The March 23, 2020 low is the MAGNET for ALL issues. The tech stocks are leading the decline and are one step ahead of the ^GSPC/^DJI and have already reached their prospective magnets. For further information on this topic you could go back into the archives and take a peak at "Through the Looking Glass".
What am I really saying here WTF?
To sum up...
As the tech stocks(^IXIC) enter into their fifth wave...the ^GSPC/^DJI complex will fall from their lofty position of the topping pattern into their third wave. Confirmation will come in the ^GSPC as you crack 3600, but only on Volume.
Again. One Step Behind. The magnet, when reached...will not be the low. A retest will be in order...at a minimum. Although, a nice quick truncated fifth has the highest odds of what really takes place.
At that time...long positions will the most favorable. For a time...
Take care and I'll see you on the flipside...
TCG
oh...and...uh...
Again. I'll park this right here...
The level of speculation I've witnessed over the last few weeks...it's nothing short of disheartening. Most of the issues being ramped...should be closed and eventually will be.