We have a full retest of the January low underway. Not only is the S&P 500 going to close on its low. It will close on or near its critical retest level just above 4200 – leaving us hanging. The NASDAQ 100 will close below its January low. One could suggest that where the NASDAQ 100 goes, the S&P 500 will follow.
The S&P 500 has been one-time-framing lower for five sessions in a row. The slow, consistent, and somewhat demolishing behavior reminds me of 2000 and 2007, but more on that later. I have watched the order book dry up several times today, meaning there is little or no liquidity, at least as it relates to the order book.
The U.S. Intelligence community has informed Ukraine that a full-scale invasion will be underway in 24 to 48 hours. A full-scale invasion could precipitate a full-on market crash into the 3600 level.
I will expand on all this tonight with a short video and discussion. The WEM low at 4229 did provide some brief support.
I am beyond thankful that our strategies are in cash. The Navigator Algorithm is an extraordinary tool.
A.F. Thornton