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The video in this report is only accessible to members

Key Takeaways

  • Tuesday’s downturn is disappointing, but doesn’t imply a serious selloff.  Near-term breaches of 4250-SPX would allow for a bit more weakness before prices turn up.
  • Agriculture remains a “red-hot” space and still looks to work in the month of March
  • Bitcoin and many Alt-Coins have begun to stabilize.  A trading bounce looks likely  

The downturn in SPX Tuesday didn’t shake convictions about a low being near, but the area at 4250 serves as a “line in the sand” for short-term traders to watch carefully in the days ahead.  Overall, a pullback under that area would violate 2/27/22 lows in S&P Futures and also represents a 50% retracement of SPX’s recent bounce.   Such a violation would temporarily result in a “flush” which could reach or even mildly undercut late February lows.  Yet, I’m expecting any further selloff has a maximum downside to 4000 and would be buyable for a rally into mid-to-late March.  Gann’s Mass Pressure index turns up sharply after 3/7/22 and sentiment has gotten increasingly more worrisome.  Furthermore, as has been discussed, the choppiness of this decline lately has served to make most momentum “less bad” than ...

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