SPX, 60 Min. Status [2]

By Gary Tanashian of Notes From The Rabbit Hole

NFTRH & Biiwii's Unique Market Perspectives • Aug 15, 2014 at 1:59 PM EDT

For all you casino patrons keeping score of the short-term squiggles at home (okay, I admit it, when it comes to the US stock market I am a casino patron too).

This thing is significantly higher than where I covered my SPY short so… so far so good. It would appear that the pattern neckline – which SPX resides above after dropping through – would be a key. Resistance is a viable candidate to stop the bounce, but as long as SPX is above the neckline so too I guess, are the gap and pattern measurement.

spx

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