- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Monday 22 June 2015

Same SPX, Different Day

SPX pulled back towards support on Friday, but no technical damage was done. The close was at 2110, and support below is at:

  • 2106 - 50 day MA
  • 2104 - Daily middle band
  • 2102.5 - 5 day MA
  • 2102 - 50 hour MA
  • 2101 50 day EMA

If this raft of support levels can be broken then SPX may well be on the way back down again. Until then this was just a retracement to test support. SPX daily chart:
That said there is definitely an argument here for SPX going a bit lower this morning. There is a 5min buy signal on the chart now, but the obvious trendline target has not yet been hit. SPX 5min chart:
Unless we see a break of strong support not far below Friday's low then I'm still looking for a retest of the high before more downside.
Posted by Springheel Jack at 09:26
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