In yesterday’s note, I anticipated a dip to test 5505 and the decline hasn’t reached that. A slump after RTH Open today below 5600 would bring that back into play.
The technicals are telling us that the market is oversold and a bounce is due; the 14-day RSI for the SPY ETF fell to 28.3, the lowest since Sep 2022. I’m not looking at new longs below the Control at 6022.50, unless that Control migrates lower and it hasn’t done that yet.
In the ST, there is 17day Resistance at 5763, and the first sign of strength would be time printed above that level.
