Intermediate Trend – SPX has started an intermediate correction (at least).
Analysis of the short-term trend is done on a daily basis with the help of hourly charts. It is an important adjunct to the analysis of daily and weekly charts, which discusses the course of longer market trends.
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Market Overview
Last week ended the rally after it had a typical 50% retracement of its initial decline. By Friday, on the bar chart, the index was trying to hold on to support created by a critical short-term trend line which had already been violated. On the P&F chart, that trend line did hold and it created a tepid bounce after being touched. (more)
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