SPX gapped down slightly at the open today. It made a LH and LL which by itself is a negative for the mkts tomorrow. The range from hi to low was less than 10 points and spx closed 1.5 point from the high of the day. It closed in the positive for the 5th day in a row. RUT made a LH and LL and had a 10.2 point range and closed a little less than 4 points from the top. It closed in the negative.
The Gann 180 which I thought would cause some disturbance in the markets barely produced any effect. That happens you set a firecracker with all the anticipation and fear and excitement and turns out to be a dud. Some other forces over came that Gann postulate.
The chart on the left is hourly spx. It caught my attention It seems spx is traveling in successive channels in a very orderly fashion First in 1-2; 2-3; 3-4; 4-5; 5-6 Ooops not yet. I also noticed once it catches the lower line like 3 it will shortly break it and go on to the next. Each of the channel travel produces a new high. I know that when the decline comes this whole order will be disarranged and it will be rapid. IMO SPX is there. Quickly it should pierce the line 6 and move downwards .
This next chart on the right is SPX 1 min for 2 days. It is worth looking at in the sense for all the noise we had spx has only recovered 50% of the decline from yesterday's top to today's low. That is quite common. Gann placed an awful lot of importance on the 50% point be it in a monthly, weekly ,daily or a minute chart. IMO having stopped here SPX would continue its decline and take out the 1177 low from today.
Lastly I have a Dow chart. Generally I don't mess with Dow chart. The black parallel lines sat so exactly I am going to watch it. A major rally say of 200 points will blow all the down side theories at this point otherwise I will work the points as though the pull back has started. Needless to say I am bearish and short. I am also watching the signals for changes.