SPX support level reached
Updated
18ma weekly at 3909, so we could go down a wee bit more, but this area is likely a strong support for a bounce tomorrow. In this area - Lower daily BB, 100ma, Weekly 18ma, price shelf and trendline.
Some are going to say a wave 5 will come from here - doubtful but possible. I will be open to that idea if we can get over the daily 18ma again, but for now I don't see it.
Both DJT and IWM were relatively strong today as well - a hint for bulls. 4hr rsi is again on the floor. Will update this post tomorrow after I see overnight price action.
Good luck!
Some are going to say a wave 5 will come from here - doubtful but possible. I will be open to that idea if we can get over the daily 18ma again, but for now I don't see it.
Both DJT and IWM were relatively strong today as well - a hint for bulls. 4hr rsi is again on the floor. Will update this post tomorrow after I see overnight price action.
Good luck!
Note
they stabbed through the trendline but if there's a sell off this morning, I think it may be a bear trap. 4hr RSI is on the floor again. Note
lower bb and 18ma still not touched on spy, I expect one more low to 390 area before rally up.. Note
we may be in a triangle before the last move down. Note
no triangle, but it does look like a 4. A sell into close may happen or they sell overnight but jobs numbers may be well received before open tomorrow if this is correct. Going flat into the close. Note
it's been a consolidation day before Jobs data. To me, the 4hr rsi is warning of a bear trap. If they spike under 3900 fast it's probably a buy, but if they spike up it may be that 5th wave which I'm not convinced of just yet. Either way, bias is down on the daily unless they can recapture the 18ma. If they do that, it's going over 4100.Note
the channel is holding back price so far, If they breakout overnight and then retest it in the morning it will be a similar setup to Thursday the 1st where the market pumped 3 percent. However, I'm seeing bearish formations on some stocks (aapl etc) so I can't really tell. This is my best guess at the moment. Note
5 completed this morning Note
watching the yellow trendline as a possible target next week
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