SPX Daily TA Neutral Bearish

SP:SPX   S&P 500 Index
SPXUSD daily guidance is neutral with a bearish bias. Recommended ratio: 48% SPX, 52% Cash.

*MINOR DOWNWARD CORRECTION WATCH. Equities, Equity Futures, Cryptos, Oil, Agriculture, NI225, EURUSD, GBPUSD and JPYUSD are all down. DXY, Long-Term US Treasuries, VIX, Gold, Natural Gas, HSI and CNYUSD are up. US President Biden and China President Jinping met today for 3 hours in Bali ending months of limited communication between the two countries after US House Speaker Pelosi visited Taiwan in August. It ended with Biden promising to defend Japan, South Korea and U.S. interests from North Korea while reaffirming U.S. support for Taiwan's military; and Jinping making it clear that China-Taiwan relations are a red line that must not be crossed by the U.S. The Russia/Ukraine Grain Deal is set to expire on 11/19.

Key Upcoming Dates: Fourth GDPNow Q4 GDP estimate 11/16; US October Retail Sales at 830am EST 11/16; US October Building Permits and Housing Starts at 830am EST 11/17; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/01; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*

Price is currently trending down at $3957 after breaking above $3913 minor support last week. Volume remains High (low) and broke a two day streak of buyer dominance with a red close in today's session. Parabolic SAR flips bearish at $3715, this margin is mildly bearish at the moment. RSI is currently trending down at 59 after forming a short-term peak at 62, the next support is at 52.68. Stochastic remains bullish and is currently trending up at 76 with no signs of peak formation, the next resistance is max top. MACD is currently trending up at 40 with signs of a soft peak formation and is still technically testing 33 resistance. ADX is currently trending up slightly at 18 while Price pushes higher, this is mildly bullish at the moment.

If Price is able to bounce here then it will likely retest $4058 minor resistance which should coincide with the 200MA. However, if Price continues to fall here, it will likely retest $3913 minor support. Mental Stop Loss: (one close above) $4000.