SPX at 423 extension of 2000/2008
Just wanted to record this. For the first time in most of our lifetimes the DJI has hit a 423 extension of two 50% drops. We've never seen this before, unless you were alive during the Roaring 20s.
Note
There could still be a bit of stop hunting to come if it's correct, but if this is going to be a 4.23 fake out we'd be very close to the top now. Blow offs can be big. Could still be far too early to short - but on a theoretical basis, we'd be into the end of the rally.
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