nmike

SPX update (diagonal trend lines)

INDEX:SPX   S&P 500 Index
764 14 11
About 2 weeks ago SPX             hit a confluence resistance area at R1 and top of reference channel. Since then SPX             has corrected and held S1 support. Judging by the weekly candle stick price action and over bought conditions it's likely that SPX             will correct down to S2 support near term.
touch and go (down) or bob and fake (up)
+2 Reply
nmike MOD
3 years ago
>>>> bullish candle bounce off S1 support
snapshot
+2 Reply
what a wild two days' we've witnessed .. who's in control?

Bulls.. Bears.. Federal Reserve ???
+2 Reply
nmike MOD
3 years ago
>>>> S1 broken, read original comment. It's always a good idea to take some or all profits at major CONFLUENCE support / resistance levels, especially when the higher time frames are showing overbought / oversold conditions.
+2 Reply
KevinT
3 years ago
Should be on S2 now
+2 Reply
nmike MOD
3 years ago
....next near term upside target to R1
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1720?
+2 Reply
nmike MOD QuantitativeExhaustion
3 years ago
......somewhere there yes.
+2 Reply
nmike MOD
3 years ago
>>>> hope you folks were paying attention to S1, watch the Fib retracements for short term downside targets, longer term could see SPY fall to S2
snapshot
+2 Reply
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