Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
I wrote a piece earlier today saying we were in the middle of the “white noise” range of 1370ish to 1390ish. Just 15 minutes later we were at the top of that range around 1390, on the S&P 500. Now half a day later we are at the bottom of that range at 1370ish… well just hit that level. Very wicked range and not the type of volatility one wants to have a ton of exposure to.
The main general, Apple, continues to take body blows after that huge oversold rally Tuesday.
It still seems like a bear flag is forming at this time. This week’s lows of 1365 and last week’s lows of 1357 are the next key levels if 1370 goes. And of course below 1370 we won’t be in the “white noise” area anymore.
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