Markets were a bit jittery yesterday during Comey's testimony, but markets seemed to shrug it off. However, today after making new all time highs, the markets sold off violently. Also, the S&P and the Dow hit long term target prices the began forming in 2015. Futures contract changes to the front month may have also contributed to the sell off. Contracts did gap last night after the evening re-open.
The S&P fell after making new all time highs. It bounced back, regaining about half the move. If moves lower again and can't hold 2400, expecting 2370, and possibly 2345 area. Still has patterns higher from here, and if continues the bounce it will form another pattern towards 2470 area.
The NASDAQ fell the heaviest and had the lightest rebound.
The Russell Sold off but regained most closing up .43%
The Dow sold off after making new highs and hitting a target price of 21245. So far it is bouncing. If doesn't hold yesterdays lows, expecting test of 21,000
XLF has formed a large vM to 20.73 and has been testing its neckline. Needs to break above 25.30 to null. It did trigger a vW to 25.10 today.
Oil has vM's below $40 and are testing the necklines. Need's to bounce to avoid sub-40.
