Wednesday, August 15, 2018

SPX Update: Bears Appear to Have the Ball Now

The last two updates have been hits, with Friday capturing the mid-2820's target on SPX, and last update choosing to go with "gut" over charts (while expecting lower prices).  Since both those were on target, there's no real change in that I suspect we're headed toward the 2790's at the minimum.

Bears do now appear to have an impulse down working in their favor, and that will be the dominant force on the charts for the time being.

In conclusion, there's no real change from the prior few updates, and I suspect the market will want to test the 2790-2800 zone one way or the other at the minimum.  Keep in mind that it is also very possible that ALL OF (2)/B has completed, in which case things could get ugly.  Trade safe.

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