SPX has been consolidating within a consolidation range for the last few weeks. The range offered decent entries both long and short. Bears were able to push price below support , but no follow throughto the downside (false breakout).
You can see the center of the consolidation area is a key level both bulls and bears are trying to control. Watch for bears to protect this level (approx 3000) and ppush price lower once again.... If bulls manage to break through, a test of the top of the range may offer a decent short entry.
The top of the range is only a few points below the ATH set earlier this years. A break to the upside would probably trigger stops above the ATH.... Something they always like before the drop.
A snapshot of the daily showing the pattern...
You can see the center of the consolidation area is a key level both bulls and bears are trying to control. Watch for bears to protect this level (approx 3000) and ppush price lower once again.... If bulls manage to break through, a test of the top of the range may offer a decent short entry.
The top of the range is only a few points below the ATH set earlier this years. A break to the upside would probably trigger stops above the ATH.... Something they always like before the drop.
A snapshot of the daily showing the pattern...