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e-SPU: Geopolitical Headfake, or Start of a Secondary Reaction?


Everything was going along swimmingly for the bulls, until Ukraine-Russian geopolitics again abruptly entered investor consciousness, which spiked the e-SPU to the downside, wiping out 20 points of upside in a matter of minutes.

That said, however, purely from a technical perspective, let's notice that the weakness managed to hold, and to bounce from, the prior-upside neckline-breakout plateau at 1937-1941, which is classic-bottoming price action: 1) breakout, 2) initial upside continuation, 3) retest of breakout, and 4) resumption of the dominant uptrend.

If this set-up continues to exhibit classic behavior, then the bulls should reassert their dominance again in the hours directly ahead.

Only a sustained break beneath 1934 will begin to compromise a "classic" outcome from current levels.

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