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.
Posted by PretzelLogic at 3:30 AM