Monday, September 28, 2020

SPX Update: No Change

On Friday, bulls continued to hold the first ABC target/inflection zone, and put together a decent rally.  There's thus no change, and it remains possible that 3209 was "all she wrote" for the decline... though it remains to be seen how SPX will deal with resistance, of course.

No real change on the hourly chart, though it appears that SPX will gap over first resistance at the open today:

In conclusion, not much to add since last update:  The market captured its minimum downside target already, so no further downside is required.  We'll see how it handles approaching resistance.  Trade safe.

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