Today's action added some refinement to the daily SP 500 futures chart.
How this formation resolves, up or down, may depend on what happens in the next few days with regard to Europe and the Fed as you might expect.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot
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