Dead cat bounce, fake reversal, upthrust
Traders should sell into strength. Let me show a few charts. For one, volatility has been rather low for this stock market fall this year. It needs to reach at least 46 on the vix before we set a low. So far the drop has been orderly and not too climactic. On the spx chart we had a false break above a falling channel. The break has distribution with bearish divergence. We are retesting the channel. We will probably break below the channel and overshoot on the downside. Continue repeating Monday open trades at next Tuesday market open.