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Bear phases are defined by failed rally attempts just as bull phases are defined by failed declines.

This morning stocks are up. Presumably on the heels of NFLX.

That said, every one to two day rally attempt since the Gann pivot of the year, the Autumnal Equinox, has faltered.

The last rally attempt on Friday didn’t last a day.

Time is running short for the bulls. Internals continue to deteriorate suggesting a violent  capitulation phase is on the table.

History and cycles suggest this is October business.

The SPX shows three closes below its May 2015 peak of 2134.  This level ties to the 20 period on the hourlies currently and should act as resistance here…notwithstanding a Pinocchio above the line.

If so, next resistance ties to 2140 where a possible continuation Head & Shoulder on the hourlies could be traced out.

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