Friday, March 15, 2024

SPX Update: Two Wrongs Don't Make a Right, but Three Rights Make a Left

Since last update, SPX again tested the previously noted blue support line, and it again held:

On March 11, I called out the blue line as the first zone bears would need in order to start turning things a bit more in their favor, and the market has since shown the value of that line -- however, at this point, it's not impossible for the market to drift sideways through it without doing much technical damage, which is why I (today) added 5119 as relevant; probably even more relevant than blue now.  Though even 5119 isn't unrecoverable for bulls, sustained trade beneath it would at least be a "start" for bears.  Trade safe.

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