Today started out like a dud and stayed like a dud for majority of the day. The difference between today and cloud walk day is on C W day market rallies quite fast and reaches the high of the day by 7.30 and hovers around at the high of the day and then a quick steep drop happens around 11.30. Today the market opened flat and stayed flat. At 11.00 FAS was down a quarter and spx was even. Then slowly first and rapidly towards the end SPX fell and so did FAS. SPX closed at down 14.24 to 1157 and FAS fell 1.38 to 30.68. FAS performed better than TNA on the down side today. It was a HH and HL in SPX kind of keeping the trend in tact FAS was decidedly an outside day with HH and LL. Outside days some times happen at trend changes but they do signal an inside day the next day. I got one signal to go short at 31.14 on FAS and I took the short home not my common practice. All of the bull ETF got turned back at their respective DOMAs which is not positive. I have a chart of TNA 60 min DOMA 103 to illustrate the point. Lot of economic news comes out on Friday. I will have to see how the market reacts to those stats.
The chart on the right is SPX daily with traditional Gann decline marked. Spx met resistance from 1x4 line and ended at the bottom of the parallel channel. Looking at the chart to me it appears in EW terms we have completed 1 down 2 up 3 DOWN and 4 up and started 5 down. Anywhere around 1080 would make good end of 5. I am bearish and short and will stay like that until I can get a at least 2 of my signals to come in a doma break and a dmrm will confirm change.