A key target I have been watching on this retracement has been rising support on SPX from 1343. That was tested yesterday, or very close at least, along with the 23.6% fib retracement of the move up since 1343. On my more bullish scenarios for the next year that is a key level below which they are eliminated, and a test of the 1560 low and the 200 DMA (currently at 1559) becomes likely. We have therefore made a possible retracement low, and if the last breakaway gap at 1652-7 should be filled then that would become a probable retracement low in my view. Until that happens however the bears still own this tape and what we are looking at from yesterday’s low is an oversold bounce. SPX daily chart: (more…)
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