SPX500 - We're starting Wednesday at strong support
The horizontal and diagonal support was reached overnight. I expect a bounce here to 4180ish and it could be more pronounced later in the week depending on the market's reaction to Jackson hole. Spy still has a large gap between 417-421 which might get reached this week. I'm still concerned about the mid time-frame rsi (4 hour charts) being so very low, so I'm cautious until this support breaks and is retested, and lost. Good luck!
Comment:
SPY trendline seems valid, so we have a good sense of where to go short if this breaks down - a big IF in my opinion.
Comment:
Rejection at upper resistance, now we wait to see who gets over the goal lines
Comment:
EOD looks like a cup and handle to 4200 for target. Maybe overnight they reach it.
