Rising wedge and price still below the wedge. Shooting star today after rejection at MAs. Caution required when going long stocks.
Comment:
If spx breaks below 2694 ( weekly ma support), next major targets to downside are 2645ish and 2532ish. Falling wedge pattern playing out as of today. Futures red.
Comment:
3/22 - What a day! 1st downside target 2645 met today (close was 2643 :))!! Closed below 3/2 low, indicating short term bearishness.
Based on news and futures dip tonight, expecting some more downside tomorrow following an weak oversold bounce probably. Still short term bearish on daily. Would be an ugly weekly close as well. Next target around 25325ish (Feb Lows). Hopefully that'll hold and reverse!
Based on news and futures dip tonight, expecting some more downside tomorrow following an weak oversold bounce probably. Still short term bearish on daily. Would be an ugly weekly close as well. Next target around 25325ish (Feb Lows). Hopefully that'll hold and reverse!
Comment:
Loved the way the wedge played out and helped us prepare for the breakdown past 2 days!
NOTE: SPX closed at 200 day and close of the hammer that created the Feb Low. Support area. Might reverse here or form a consolidation. If this area breaks with volume, further downside expected. But short term, better to be light and cautious going into next week.
NOTE: SPX closed at 200 day and close of the hammer that created the Feb Low. Support area. Might reverse here or form a consolidation. If this area breaks with volume, further downside expected. But short term, better to be light and cautious going into next week.