Markets closed near at supports, DOW 8000. SPX retraced most of the bounce, 78%, closing the Jan selling off. Market sentiment is bearish as market price action is unstable.
Qs formed symmetrical triangle as shown on the daily chart. SPX is also showing triangle formation. Obviously, not many are putting much confidence in the markets as we have seen market price actions during this week -- fading every rally; hence, it is wise to remain nimble.
SPY closing at 83.03, SPX 825.88 retracing 78% of the Jan bounce. SPX does not show GAPS, but SPY does. SPX formed a triangle and break from the formation is a potential directional signal. Have a good weekend
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