Hanging On: Sep 19, 2012

Good morning.  SPX is getting support from the fan line from the early September lows (our yellow channel.)

I’m looking for a bounce to flesh out the channel — probably to 1464.50 or so.

UPDATE:  10:00 AM

We’re bumping up against a line in our big, red channel at 1463.1, so that could be the extent of this push.

I’m charting a new, broader channel in red.  It’s speculative at this point, but it corresponds with a 1.618 extension of yesterday’s high to its low.

The 15-min RSI has hit resistance, but SPX could eek out a couple points higher on negative divergence.

More in a few minutes, including an update on the longer-term picture and posts on RUT and CL.



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