Wednesday, February 21, 2018

A pause at 61.8%

Mid-week market update: After much indecision, the SPX paused at its 61.8% Fibonacci retracement level.

The 50 day moving average (dma) which could have acted as support did not hold. I had also previously identified a possible Zweig Breadth Thrust buy signal setup. Unless the market really surges in the next two days, the ZBT buy signal is highly unlikely to be triggered.

This market looks like it is setting up to form a W-shaped bottom.

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