SPX500 gets hammered in a complete reversal of momentum
The rally late in the day on Wednesday was a false one, perhaps a bit of short covering. After all, most of it was based upon the idea that the Federal Reserve has taken the idea of a 75 basis points rate hike off of the table. That being said, the market continues to see tighter financial conditions, and that is going to continue to work against the market.
Another thing that you need to pay close attention to is the fact that this massive candlestick is closing towards the bottom of the range, so that does suggest that we will continue to go lower.
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