The #SPX has been trending lower ever since it was rejected from the 21SMA on Sept 12.
Things to note:
- Rejection @ 21SMA @ $4.1K
- Bearish cross of 21 below 50
- 9SMA now resistance & looking to curl down. WATCH OUT IF IT DOES
- Gap NOT filled, expect more of a bounce possibly into tomorrow/Wednesday
- Bear target #1 re-test of July low @ $3.7k
- Bear target #2 re-test of July low @ $3.6k
If there's 1 thing to watch, it's the 9SMA. The 9 is VERY powerful, and the fact that price is below it & it's starting to turn down is no bueno for the bulls.
It's also super bearish that we've broken back BELOW the BF channel & closed 2 (soon to be 3) daily candles below it.
We missed our gap fill this morning (NDX got it) so I would expect a bigger bounce BUT this does NOT need to happen so be careful.
With that being said, Wednesday is a big day & it wouldn't surprise me if we bounced nicely into the FED FOMC meeting. More on this tomorrow.
Things to note:
- Rejection @ 21SMA @ $4.1K
- Bearish cross of 21 below 50
- 9SMA now resistance & looking to curl down. WATCH OUT IF IT DOES
- Gap NOT filled, expect more of a bounce possibly into tomorrow/Wednesday
- Bear target #1 re-test of July low @ $3.7k
- Bear target #2 re-test of July low @ $3.6k
If there's 1 thing to watch, it's the 9SMA. The 9 is VERY powerful, and the fact that price is below it & it's starting to turn down is no bueno for the bulls.
It's also super bearish that we've broken back BELOW the BF channel & closed 2 (soon to be 3) daily candles below it.
We missed our gap fill this morning (NDX got it) so I would expect a bigger bounce BUT this does NOT need to happen so be careful.
With that being said, Wednesday is a big day & it wouldn't surprise me if we bounced nicely into the FED FOMC meeting. More on this tomorrow.