Monday, September 14, 2020

SPX Update: Key Inflection Zone

I started writing a piece about bias, as bias is always relevant in trading (and in life), which I intended to include in today's update, but I couldn't quite get it finished in time for the open -- so keep an eye out for it to be published later today or tomorrow.

Market-wise, SPX has now formed a pattern that could be significant:

Bigger picture, SPX remains below first key resistance:

Friday, SPX was unable to break out of the near-term downtrend channel.  Futures suggest it will try again at today's open:

In conclusion, SPX is in a pattern inflection zone, and as simply as possible:  Bulls need to put a bounce together here.  Much lower and they could face a significant decline.  Trade safe.

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