Wednesday

 

  This chart from Jerome Hickerson.

The lack of symetry on the blue fork is unusual.  We will have to wait and see what develops but clearly this fork has been broken.  Still looking for the bounce toward 1500, but if the 50 DMA fails to supply support I will be a lot less confident about that.

The market has come within 6 handles of my1418 target.  I think it may still be hit but with the institutional buying we saw today it appears the market is ready for the bounce.