JohnKeverich
Long

SPX is due for a bounce

SP:SPX   S&P 500 Index
spx
Several indicators are pointing to a bounce in SPX:
* it's well outside of its bollinger band
* RSI is just under 40 - usually we see a bounce at this level
* The last candle ran away from the 8-day EMA

The attraction of the bounce will be 8-day EMA . It's entirely possible that this bounce will be sold by the end of the session. Still, that's at least 25 point move in SPX             we're talking about.
Not sure I follow you can you be a bit more descriptive as I do agree we will have a bounce as well.
You mean? -> "this bounce will be sold by the end of the session"
You mean? -> bounce will be 8-day EMA

Thanks.
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JohnKeverich Trance-Man
See that recent Thursday candlestick? That's what I have in mind.
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Trance-Man JohnKeverich
Thanks, I think I see what you mean. What level will it goto do you think it will rise to, of course in your opinion (S&P)?
Reply
JohnKeverich Trance-Man
I see two main possibilities:
* this bounce fails around 2040, and we go futher down.
* we close above 8 EMA, and proceed to finish December near all time highs

Ideally I still want to see MACD turn negative in this correction, so I'm biased in favor of more downside.
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Trance-Man JohnKeverich
Yes I pretty much agree on all your points.
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