The markets haven’t been behaving quite as I expected the last couple of days, and I’m wondering whether the spring high might already be in. If so we might well find that out today.
Bulls want to get this back over the 50 hour MA into the next move up, either directly from here or ideally from a test of rising channel support, now in the 2088-90 area. If they can’t hold that support then the uptrend is called into very serious question. Triangle support is now in the 2060 area but main support is at the double top support low at 2039.69. On a break below the spring high was most likely made at 2125.92. Until we see a break below rising channel support at 2088-90 though, the bulls still have the technical edge here. SPX 60min chart:
USD tested main rising megaphone support yesterday, and broke it slightly overnight. The short term low looks in or very close and I’m expecting a big rally, but the overnight break may have big implications and I’ll be looking hard at that today. USD daily chart:
Bulls have to perform today and defend channel support in the 2088-90 area. A break below might mean that the correction expected soon has already started.