SPX just kicked around without any definite direction yesterday and so far today the same again, though we be starting to resolve down. This sideways again is neither bullish nor bearish, and is a decent fit with both the H&S and larger IHS scenario marked on the 60min chart below.
What is potentially interesting here is key support on the 50 hour MA, with that currently at 1909 and SPX at 1890 at the time of writing. If bears can convert that into resistance, having been support all yesterday, then we may resolve in the obvious direction, which is down. SPX 60min chart:
I've marked the ES resistance levels on the chart but there's only one serious support level on the chart below and that is at rising channel / bear flag support, currently at 1877 on ES, so about 1882/3 on SPX. ES Mar 60min chart:
The very obvious direction is down here, into a retest of 1812 and then further down, but this rally from the 1812 SPX low has not definitely finished yet so shorts should still be cautious here, at least until 1877 ES is broken.
No comments:
Post a Comment