We had our bounce back to 16,500 and couldn’t cut through.
Today’s low is 16272 and we are trading at 16,312 currently as I type this.
16231 again is important b/c its 5% pullback from the high at 17085.
For those of you who are true “doom and gloom, sky is falling, better get in the bunker and load up on shot-gun shells and canned goods” a 10% pullback gets us at 15,377. I’d call it 15,400 just to be simple. Of course if that happens, we’ll probably get the 15,000 print, just to paint the tape.
A correction here is a gut test for both the bulls and the bears. If you are really a bull, then you’ll relish this break as a chance to buy. If you are really a bear, will you sell into rally’s?
CER