SPX tagged our downside target yesterday, reaching 2044.02 vs our initial 2050 (adjusted to 2046.17.) From One Step Backward:
Still dropping, but just tagged the bottom of the red channel at 2046.17. CL just tagged the white .786 as well, so this is likely nearing the end. I’d take another stab at a long position here.
It proved to be a profitable bottom call, as the 39-point bounce picked up steam along the way, turning into an algo-driven breakout from the falling white channel.
Today’s “market” is shaping up as a battle between the contagion that is China versus the Greece is Fixed (again!) news out of Brussels.
Look for SPX to backtest the broken falling white channel at 2068ish and try to catch a lift from USDJPY, which is about to tag its SMA100.
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