We’ve seen some weakness and the obvious support is at the daily middle band in the 2088 area. If we see a close well below that today then significant downside targets open up. Until then I’d be looking for support there. SPX daily chart:
SPX broke back and closed below the 50 hour MA yesterday. A break like this just signals that SPX is into a topping process unless SPX makes a conviction break below the daily middle band. SPX 60min chart:
The middle band is being tested and we’ll see what happens here. Until we see a conviction break below it this is a very strong support level.
