- Springheel Jack
Bears had a good day yesterday and the marginal swing high that I was looking for was not made. Does this mean that this seemingly eternal topping process is finally done? Well no, but it's a step closer to finished. As I mention regularly, there's no hurrying these things and topping processes particularly can test the patience of even the most experienced traders. It's coming, and coming soon, but there's still more to do as I'll show below.
On the daily chart the close was a marginal 2.5 handles below the daily middle band yesterday. The daily middle band is at 2178 at the time of writing and the bears would like another close below today that would ideally be at least 4 handles below. SPX daily chart: