Market is still BROKEN but here’s why an oversold bounce makes sense to me:
Gold ‘should’ pullback and SPX bounce if this resistance means anything.
Thinking ‘head fake’…
SPX pretty oversold or getting close
Has proven to be a nice place to go long in the past few years…
Fascinating that Crude didn’t break down out of the triangle but XLE did, decisively. Usually, Oil leads… so watching HYG (if it bounces as LOTS of Oil+Gas corporate bonds in its holdings) as sign of sentiment to try and gauge if this big move lower in the Oil Patch was just a head fake.