Wednesday, April 22, 2020

SPX Update: No Material Change

Short and sweet update today, as there's really not much to add.  Last few updates anticipated that SPX might find resistance in the 2850-2882 zone, and it found resistance at 2879.

While the market was heartily rejected at that resistance zone, as of yet, there is still no impulsive decline to add confidence to the bear view, though -- so we're watching to see if one develops:

Near-term, it would not be uncommon to see a back-test of broken support (black/blue/red).  The green line is the first meaningful downtrend line... whether bears can hold that basic zone or not may be revealing:

In conclusion, no material change from last update.  Ideally, bears can keep pushing a little further and form an impulsive decline.  (Although, with this particular pattern that won't be the end-all, due to the potential of a B-wave high, it would be a good start.)  Much below yesterday's low, and 2640-50 could come into play (not a hard target, but quite possible).  Trade safe.

No comments:

Post a Comment