The SPY/S&P500 resumed it's sell-off today after testing the 9SMA & getting rejected from it.
Currently we are down -0.90% on the day.
Things to note:
- 9SMA is still sideways but the longer we are below it, the more it will slope down (bearish)
- broke back BELOW BF channel
- Bear target #1 re-test Sept 6 low @ $388.60
- Bear target #2 gap @ $377.80
- Bear target #3 gap @ $365 & re-test June low
My LT thesis remains unchanged (see BF scenarios posted weeks back).
Currently we are down -0.90% on the day.
Things to note:
- 9SMA is still sideways but the longer we are below it, the more it will slope down (bearish)
- broke back BELOW BF channel
- Bear target #1 re-test Sept 6 low @ $388.60
- Bear target #2 gap @ $377.80
- Bear target #3 gap @ $365 & re-test June low
My LT thesis remains unchanged (see BF scenarios posted weeks back).