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Another Headfake Correction by the Equity Markets?


Heading towards the end of the third hour of trading, the e-SPM has recovered all of its earlier losses-- from a low of 2033.25 to a recovery high at 2054.00, which happens to be right at the inflection point where the index violated the Feb-Mar up trendline.

The ability of the e-SPM to carve out a high-level consolidation pattern above say, 2045 ahead of the final hour of trading should be a sign of potential strength during the final hour that attempts to completely reverse today's action on a closing basis.

Failure to do so-- and weakness during the final hour of trading, into the closing bell, will have very negative implications-- especially heading into a pre-weekend, Friday session.

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