Today is the last day of both the week and the month, and is a very significant day technically for direction here. Bears want a close well below the weekly middle bollinger band at 1643, and ideally also a clear break below rising support from 1343, now in the 1625 area. A clear break below the weekly middle bollinger band will open up the 50 week MA and the weekly lower bollinger band as targets, and those are currently at 1540 and 1564 respectively. With the June low and the possible major double-top trigger level there at 1560 and the 200 DMA currently at 1561, a test of the June lows is a very attractive target if bears can deliver the goods today. SPX weekly chart: (more…)
Slope of Hope Blog Posts
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