The Roadmap forecast an intensely choppy day and Tuesday was that in spades.
Going into 1:30 the SPX did a good impersonation of Linda Blair in The Exorcist.
Then with the index down 85 points and heading for another triple digit decline, whipsaw turned to whiplash.
The SPX undercut its mid-day low and Jackknifed higher 108 points in just over an hour to be 20 points in the green.
The last hour saw the SPX drop 66 points to close down 42 points on the day.
In sum the last few hours on Tuesday saw the SPX rally 108 points off session lows and then pullback 66 points.
It was a fitting punctuation to the Roadmaps perfect call.
Despite the giveback into the bell, many stocks held the lion’s share of their gains.
RDDT, CYBR, CRWD, and FN to mention a few.
Let’s take a look at one of those charts, CYBR, through the lens of the Square of 9 Wheel.
CYBR topped at 421 on Feb 18 leaving a Gilligan sell signal.
540 degrees down, a cube-out, is 307.
CYBR bottomed at 307 on Monday, March 10.
180 degrees up from 307 is 343.
Amazing
The metals shined.
After pulling back below its 20 DMA on Monday, GLD gapped up, recapturing its 20.
Upside follow thru puts it within striking distance of our key square-out level of 272 which sent it reeling in February.
AEM exploded to a record high.
SLV came out of a Stein and Handle pattern on its dailies.
Upside follow thru in SLV takes out what has been a threatening weekly Right Shoulder.
If SLV offsets the right shoulder it triggers my Blade Runner buy signal
Fast moves come from failed/false patterns.
If SLV moves up from here the presumption is it attacks the October 31.80 high.
90 degrees up is 3d2.50 which equates to a new high.
The T Rex in the ointment is that March 19th is 90 degrees from the Dec 19th low.
But in the coming week, SLV could put on a show even if that proves to be a near term square-out peak.
In sum deeply oversold markets briefly paused their relentless decline, staging an intraday rebound before slipping back into the red by the close.
The roadmap for today projects a rally into 11:15 (ET). Then a sharp pullback into 1:50 when a rally plays put into 3:30 before easing up into the bell.
However there is one possible Inversion Pivot at 11:50 just after the indicated turn down.
If the inversion exerts its influence it would point to a continued rally from the morning will play out.
The action in many big name stocks off their 200 day moving average along with trader sentiment reaching an extreme level, combined with upticks in the NAZ McClellan Oscillator, suggest a rally may indeed play out today despite the give-back in the last hour.
The only caveat is the Gann Panic Window remains wide open for another week +.
The market never makes it easy. But the combination of the Roadmap, the Square of 9, and our +1/-2 Swing Methodology, uncomplicates it.