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Assessment: I have been busy lately getting ready for March Madness and getting Hermes up to speed. However, we have FINALLY had some market action taking place recently which has been nice to see. So far this seems to me as just some profit-taking after the market went sideways for almost 6 months between $580 and $600. The key is watching the algorithm’s calculated pivot at $563.76. Any selling above this point is simple profit-taking. A break and hold below that level would be a confirmation for me that we have a down-leg in progress. Then I would begin analyzing, based on the candle that broke that pivot, how far we could go. Right now I am just a spectator, but poised for that break. At which point I will discuss what it means to crypto, commodities and stocks. How such a break plays out will provide a lot of data as to what to expect from the potential follow-on move.
SPY Chart: https://sblk.io/s/2NANSLFkugIzOfnd
Good luck in your trades!