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Did a Major Correction in SPX End Yesterday Morning?


The powerful rally off of yesterday's low at 1867.01 into this morning's high at 1940.25 represents a 27% recovery of the entire downleg off of the May high at 2134.72.

In other words, for all of the fireworks off of yesterday's supposedly, capitulatory downside open, through this morning's supposedly bullish news about a China rate cut, the SPX really has not repaired any of the damage inflicted by recent weakness off of a 6-month top formation.

That said, should the SPX claw its way above 2100, well, then the directional narrative will change.

For now however, despite the intense upside reversal, the bears remain in directional control of the SPX.

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