After Worst Intraday Reversal In Years---S&P Heading For Retest Of Early 2018 Lows (2550)

Last week, I wrote that “the market’s trend breakdown had been confirmed” because the U.S. market closed below its important uptrend line that began formed in early-2016. In my mind, this morning’s market pop was nothing to get excited about because the U.S. stock indices were still below their important trendlines (which are now resistance levels), which means that last week’s technical breakdown was/is still intact. Shortly after my statement, the market erased its gains in one of the worst intraday reversals in years:

 

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