SPX retraced the last move down by 38% - and moved back to the old support of - 4150- 4180 where she bounced 3x in March -That is now resistance.
Both Oscillators (RSI and WaveTrend) have already turned down - making this a good case for a Bearish divergence...from that overbought position.
The Gann Fan and Fibs agree and I suspect SPX will follow the outer fan line down....that channel
SPX broke the VWAP line and did not recover above it ...so follow it down
The CPI number on Friday and the FOMC meeting next week ...will hopefully persuade the SPX I am RIGHT and now - Please give me back all the money I lost being early :-)
Both Oscillators (RSI and WaveTrend) have already turned down - making this a good case for a Bearish divergence...from that overbought position.
The Gann Fan and Fibs agree and I suspect SPX will follow the outer fan line down....that channel
SPX broke the VWAP line and did not recover above it ...so follow it down
The CPI number on Friday and the FOMC meeting next week ...will hopefully persuade the SPX I am RIGHT and now - Please give me back all the money I lost being early :-)
Trade active:
This must break 4180 to 4200 to be invalid - The trend is following the Gann fan line down - as oscillators turn more bearish - 5 red volume bars in a row - That is not a volume of buyers... I have not changed the idea. Friday may give us the break downward with CPI numbers that will confirm a retest of 3800.