Yesterday, the NYSE index showed significant weakness, and normally would have faded below the cyan level marked below. This being a FED day, we mentioned that if the cyan (10,300ish) level was recaptured the primary degree (Yellow) level would likely be a magnet. We are currently sitting at that retest today which should be a much bigger challenge and potential reaction for the index. Additionally, the 20day and 100-day moving averages are right at this level. Either way, the picture remains the same. In fact, the action of large caps today is even more suspect because their visibility and earnings are deeply impacted by the strength in the dollar - which is not something the FED can not easily compensate for with QE or rates.
82031 Munich, Germany
Data Bank ES Analytics Mathematical analysis Inflection point Stock market S&P500 market structure Earnings Future Probability Understanding MSP . ES_F GOLD Fact US Risk Emotion markets analysis Psychology MCM Tool market Observation Algorithm Tick Tools market structure projection Number Tools Expert Lounge Cycles Forecasting intraday commentary Central bank Bias market internals Greece Levels Tick Behavior