Monday, July 8, 2019

INDU and SPX Updates: SPX Holds First Key Level

Last update called out 2968 as the most critical level for bulls to hold, noting that trade below that level would suggest further downside.  SPX then decline straight to that level (2967.97, to be exact), then bounced strongly for the remainder of the session.  This means bears still have work to do to reverse the prior trend -- their first task will be to hold Friday's high; their next task will be to sustain a breakdown at the blue dashed trend line:

I've drawn a couple of trend lines to watch on INDU, below:

In conclusion, due to Friday's decline bouncing right at the key level, the market really didn't provide much new information, so we'll have to see how today's session plays.  Trade safe.

No comments:

Post a Comment