SPX direction is still headed down.
Net volume down + increasing price = bearish divergence.
My call is still 3050 = .618 Fib support from ATH.
SIVB and other banks getting bailed out won't change this effect.
Just a few weeks ago, banks were "fine" and the direction was still down.
Massive bearish pennant broke, noted by green arrow.
Short term price action is all smoke.
Net volume down + increasing price = bearish divergence.
My call is still 3050 = .618 Fib support from ATH.
SIVB and other banks getting bailed out won't change this effect.
Just a few weeks ago, banks were "fine" and the direction was still down.
Massive bearish pennant broke, noted by green arrow.
Short term price action is all smoke.