Daily SPX has bearish crossovers on Stochastic and MACD, RSI has a bearish divergence vs. its position made on 11/21/19. These are signals that at least a short term correction has begun.
Support zone begins at a .236 retrace of the recent SPX daily rally from the bottom made on 10/3/19. The lower end of support is near what had been thought could be major Fib resistance at 3047. Sometimes if a Fib resistance point is ineffective it can later become support.
With seasonal bullish factors the decline could be slow and shallow, if decline accelerates below the support zone it could be a hint of something more bearish developing. A move below the October 3rd bottom could be a very significant bearish signal.
Time estimate for decline - approximately two weeks.
Tyvm for post! Watching closely... looking back at 31 Jul - 28 Aug and 01-08 Oct, each successive volatility wave is weaker and shorter, this might only last a few sessions.
Very strong support waiting at the fmr resistance at 3030, multiple tags in July/Sep/Oct back there. Ultimate support at 2949; might not get that far this time around.
Very strong support waiting at the fmr resistance at 3030, multiple tags in July/Sep/Oct back there. Ultimate support at 2949; might not get that far this time around.