I’m going short at the opening. There are a number of channels offering support – notably down around 1450, but we’ll see how many will hold. If SPX loses support at the pink channel (an echo of Sep 14 – Sep 25) around 1454, the top of the red channel is down around 1450.
Charts in a few…
UPDATE: 10:55 AM
So far, the channel line around 1454 is holding. But, again, there are different ways to interpret this channel. We won’t really know until we get a stop and can plot the lower bound a little better. Watch your stops (1461?), but if the red channel breaks there’s additional downside to 1450 or 1447.
I’m traveling the next couple of days, so my posts will be a little spotty. I finished the forecast I mentioned Friday, and almost got it posted this morning when the market opened. I’ll post it after the close for members.
Next post in about an hour.
continued for members…
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