Short Term Stock Market Bottom Close
Last week, I was looking for weakness not to exceed 4%. The drop was closer to 1.7%. A positive divergence is occurring on the 1 and 2 hour charts, which should lead to a bounce soon. There is fib support around 2329/30. Already, Sunday night, SPX futures are down 14 points. An attempt to rally into month's end looks likely, perhaps to near 2365 SPX and the dropping 20 day moving average.
GDX looks like it trying to find a Z wave bottom of an XYZ bull flag. Overall, there looks to be higher prices ahead. I'm waiting for more pull back to go long.
Last week we had a great week trading SPXS +5% and DUST +6%. Our option players also had another great week.