SPX nailed our downside target yesterday with a solid backtest of the broken red channel at 2101.78. From yesterday’s member section:
SPX just tagged 2105. Since the decline was pushed out a few days, there’s a good chance it’ll continue lower and make a proper backtest to the falling red channel…look for a bounce between 2000 and 2102, but be cautious re overnight ramp jobs or dips.
The overnight ramp job was modest — up 4 points at the present time. It’ll be interesting to see how it does with CL breaking down. Oil has been instrumental in stocks’ rally. How will they do with it breaking trend?
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