chart, page-24

close up daily chart EOD 11 aug

so we have the big broader uptrend fork and you can see the minifork within that defining the short-term downtrend

now you can see that despite the market, the SP wants to stay in that broader uptrend... once on that spinning top it closed below it, but one dah not long enough to invalidate the fork / trend...

you can see also that today the gapdown on open was limited to PRECISELY the downtrend line that defined the SP action before recent breakout... Actually its STILL defning it isn't it? as shown buy today(?) I think more than the fork action, this trendline is our important support base... it has more history and therefore validity / strength to it

while the SP closed today back up over the lower tyne of the broad fork, continuing to validate the general uptrend, I'm concerned it occurred on what appears NO DEMAND... or can this bar, in the context of the HUGE volume just behind it, be interpreted more as no supply backtesting of that volume 2-4 bars preceeding??? A gap down to test for supply and weak hands with the low volume indicating there weren't many? I'm not sure

the SP seems, in terms of trendlinesm to be in a precarious spot, wedged right between the upper tyne of the mini down-fork and the lower tyne of the broader up-fork...

in conclusion, great to have so precisely backtested that trendline on gapdown today, validating it as some support IMO, good to have closed within the broad up-fork, but if the DOW doesn't put in a good show tonight (given that our market today has obviously priced in an upnight on the DOW) then we're gonna head back at least towards that downsloping trendline... if all roses in the US tonight then we're sure to have a buy signal generated with a break through the upper tyne of the mini down-fork and looking to head towards the median tyne of the broader fork very quickly... just IMO...