The uptrend of ME8U is impressive since 2011. Price is expected to trade between $3.04 and $3.34 in the ST A break upside of $3.34 will resume its uptrend. Pivot : $3.19 A break of $3.19 will lead to ST weakness to to test $3.04 A break of $3.04 will see a MT correction to $2.17
The STI is into its downtrend for 15th weeks now since the 24th of July 2020. 2500 level needs to be reclaimed and a close above 2520 will negate the correction. The downside target of 2200 in the MT/LT remains a viable target if a sustained recovery above 2520 and 2551 fails to materialize.
The SPX attempts to make a break above 3344 to pause the recent 10% correction from its recent highs of 3591 early Sep. A close above 3344 on the 4hr charts will confirm the end of the correction and may test 3392 to resume the uptrend in the M/L term timeframes Alternative, a sustained close below 3344 will retest the lows of 3211.