Friday, August 24, 2018

SPX Update

As so often happens when the market reaches a major resistance zone, SPX has hit an equilibrium and turned out a sideways grind for the past few sessions.  This is fairly common to see at such times, and suggests a temporary balance between buyers and sellers.  Eventually the market will clear out one side of the trade and move in that direction for a time.

Accordingly, there's nothing to add since last update, as SPX hasn't moved much in that time:

In conclusion, there's no material change since the prior update.  Short term, I would not be surprised to see SPX test the 2868-73 zone again, and then decline from there to south of 2856.  Trade safe.

No comments:

Post a Comment