Wednesday, September 9, 2020

SPX Update: Next Key Zones

Last update suggested SPX might bounce then head lower in another wave, to test the blue trend line below.  It did bounce (but not much), then tested the blue trend line that very same session.  It later broke that line and is now below it.  That seems to be the first zone bulls would need to reclaim on a closing basis:

Bigger picture, there could be a lot on the line for bulls:

In conclusion, bears broke the next support level (the blue channel in the first chart) but now need to hold that break.  The next couple sessions could thus determine direction for the upcoming weeks.  Trade safe.

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