How it started: How it’s going: pic.twitter.com/lqXdEBzGd8— Jerome Powell (@alifarhat79) November 26, 2021
BESPOKE: “The S&P 500 experienced its worst opening gap in over a year today. .. Since the low on March 23, 2020, big gaps down for the market (on both COVID news and non-COVID news) have not resulted in longer-term downtrends.” @bespokeinvest pic.twitter.com/LjXagrIqkg— Carl Quintanilla (@carlquintanilla) November 26, 2021
4604 is VERY important: (1) I listed three potential target for w-c of W-4, the lowest is 4604. SPX sliced through it in one slump. (2) the BIG RED Daily candle I was waiting for is here--though bigger than I thought. (3) if today's close < 4604, then say bye to the bull market.
Next 1 hour--Super Important: (1) on my 30-min SPX chart, I still have the parallel lines unchanged, with 4558 as a target if we got a sharp zigzag correction. (2) now, the only hope for bulls is that 4744-4590 leg is an Ending Diagonal w-c of FLAT W-4. (3) so, red line at 4604.
4604 LOST! (1) That is a paradigm shift for me, meaning, from this point on, all counts will be based on that "A BEAR MARKET HAS STARTED". (2) instead of a lousy w-b, the shaded area can be counted as W-5; and the expanding diagonal from 4744 to 4585, is LEADING, not ENDING. WOW
2yr plunged 15bps today.— Jim Bianco biancoresearch.eth (@biancoresearch) November 26, 2021
Only comparable to Feb 28 and Mar 3, 2020.
It was for the same reason in 2020, after ignoring obvious signs of a COVID, mkts had an "oh shit" moment. In mkts things do not matter until they do.
After 3/3/20 the downside was only getting started. pic.twitter.com/K0QfGKBgfn
CHART OF THE DAY: Brent crude oil is down more than 10% today on fears of a new covid variant. Before today, Brent had only fallen 10% or more on a single day in 14 occasions since the futures contract was launched more than three decades ago | #OOTT pic.twitter.com/pmpqHK4tvM— Javier Blas (@JavierBlas) November 26, 2021