SPX remains bearish, like the rest of the market; however, we are starting to see the signals of exhaustion with the sellers and accumulation under the surface. I really want to see the volume to remain at high levels and for the major indexes to get a higher close of 1% - 1.25% higher than the previous day, so we can begin to look for confirmation and continuation.
This post is not to say, "load the boat"; however, it is to provide some levels on the SPX as I'm watching the Futures Markets and have been nibbling on Semiconductors this past Friday.
Keep an eye on the Oil Sector and Home Repair as well, since the Hurricane (headed to us here in Tampa, FL) are expected to see a major impact. Time will tell; nevertheless, weather conditions will be impactful whether a very large storm and/or a direct hit.
This post is not to say, "load the boat"; however, it is to provide some levels on the SPX as I'm watching the Futures Markets and have been nibbling on Semiconductors this past Friday.
Keep an eye on the Oil Sector and Home Repair as well, since the Hurricane (headed to us here in Tampa, FL) are expected to see a major impact. Time will tell; nevertheless, weather conditions will be impactful whether a very large storm and/or a direct hit.
