Powerful SPX Support at 2668 to 2683

SPCFD:SPX   S&P 500 Index
There are a cluster of factors indicating very strong support at SPX 2668 to 2683.

1) A 50% retrace of the rally from 5/3/18 is at 2672.64.
2) Rising trend line is near 2668.
3) The 200 day SMA is near 2670.
4) Chart support - 5/29/18 bottom at 2676.81.
5) Post Horizontal Triangle target at 2682.48 - Elliott wave Horizontal Triangle from 6/25/18 to 7/3/18.

The target zone could be reached on 7/5/18 or 7/6/18 which is when US job report is released at 8:30 AM -ET

A move above the SPX high made on 7/3/18 before reaching the support zone , puts the downside forecast in doubt.



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