Friday, September 11, 2020

SPX Update: Bears Still Holding Their Own

Last update noted that the long-term blue trend line on the daily chart appeared to be the key zone that bulls needed, and during the sessions since, SPX rallied back to that line and found resistance there.  This rejection then led prices all the way back to a nominal new low for the move:

At the smaller time frames, SPX remains within a fairly-steep near-term downtrend channel:

In conclusion, bears held the key zone they needed to, attempting to establish it as resistance.  As long as SPX remains below that zone, that action is bearish.  


Finally, as with every year at this time, my thoughts go out to those who suffered, directly or indirectly, as a result of the 9/11 attacks (which includes members of my own family who lost friends), and in the aftermath.

America will never forget your sacrifices, and your pain.

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