SPX broke below channel support and tested horizonal support of 4511 and failed to hold. Late in the trading hours Friday , the SPX sold off and ended up closing below the 200 day moving average. The last time the SPX closed below the 200DMA was June 26th, 2020.
The next level of support the SPX will test will be 4284.
A false breakdown is still in play for Monday. For this to happen, the SPX would have to open above 4430 and close above this level.
RSI Extremely oversold at 22.
The feds have successfully spooked the markets. With how fragile this market is, expect volatility, and trade what you have in-front of you.
If I had a crystal ball, id tell you what to do. Update stop losses, and dont become emotionally attached to your trades.
The next level of support the SPX will test will be 4284.
A false breakdown is still in play for Monday. For this to happen, the SPX would have to open above 4430 and close above this level.
RSI Extremely oversold at 22.
The feds have successfully spooked the markets. With how fragile this market is, expect volatility, and trade what you have in-front of you.
If I had a crystal ball, id tell you what to do. Update stop losses, and dont become emotionally attached to your trades.
SPX Blew through the 200D moving average.
RSI Extremely oversold at 20.