Monday, December 14, 2020

SPX Bounces from Previously-Noted Inflection

In the last update, we looked at the approaching downside inflection zones (zones where turns can occur), and SPX dropped down to the first inflection and bounced:

Intermediate term, the market still faces resistance:

In conclusion, bulls held the first inflection, which is the market's way of confirming that (previously-theoretical) zone as near-term support.  Bulls still face intermediate resistance, so no questions have been answered yet.  Trade safe.

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