Market update

Yesterday was a sleeper!

We ended up in what I think is a triangle pattern in the S&P 500 and a larger wave-2 correction in the Eurostoxx. I manage to get in some day trades, 2 winners and one looser. I also took home some profits on the extra S&P 500 put spread that I established on Tuesday.

We have a good chance of the triangle continuing today and then I think the market will continue to break down.

The S&P 500 chart below shows the triangle pattern in development on the 30-minute chart.

As for Eurostoxx 50, I think that the wave-2 bounce should end very shortly and the market resuming the downtrend.

Have a great Easter holiday!

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