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Friday's Big Drop. After the S&P500 bounced off the 50MA and held at the 25MA Thursday; Friday was different as it opened lower and sliced through the 50MA. The four panel chart tells the story with the large volume. The daily stoch may have to bottom in OS area while the weekly stoch breaks downwards through the 68 line. To be more than a minor correction this market needs follow through after this big down candle day.
Thursday ... Thor's day: Daily stoch is hooking from today's price action. Weekly stoch still pointing down in critical 32 - 68 stoch area. SPY can still drop to L2, 175 to diverge the daily stoch and hook (bottom) the weekly stoch.
Tuesday: Inside day, guess Monday was a wave 3, now wave 4 of some scale. the support level indie dropped support way down on the chart. support now the 200MA with resistance the 50MA. the daily stoch may want to dance in the OS zone.