Friday, October 21, 2016

SPX Update: Bears Still Defending 2150

SPX has done very little in recent sessions, except continue to reject rally attempts near the key 2150/red trend line resistance zone discussed last Friday.  Thus bears are at least keeping hope alive for a more immediately bearish resolution to this pattern, so I've updated the chart below to include one version of the more bearish option:

A near-term SPX chart below:

In conclusion, there's still no change, since the market has ground sideways all week.  Bears have continued to defend 2150, keeping hopes alive for more directly bearish near-term options.  I remain bearish on the larger pattern, and (to reiterate what I've been saying all week) do not currently believe that 2114 is a significant low.  Trade safe.

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