Same SPX, Different Day

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SPX pulled back towards support on Friday, but no technical damage was done. The close was at 2110, and support below is at:

2106 – 50 day MA
2104 – Daily middle band
2102.5 – 5 day MA
2102 – 50 hour MA
2101 50 day EMA

If this raft of support levels can be broken then SPX may well be on the way back down again. Until then this was just a retracement to test support. SPX daily chart:

150622 SPX Daily Patterns BBs MAs

That said there is definitely an argument here for SPX going a bit lower this morning. There is a 5min buy signal on the chart now, but the obvious trendline target has not yet been hit. SPX 5min chart:

150622 SPX 5min Patterns

Unless we see a break of strong support not far below Friday’s low then I’m still looking for a retest of the high before more downside.