SPX broke down yesterday and has fallen further overnight. What I’d like to see today is a bounce from the 1902 area back to backtest the 1930 area and form the right shoulder on an H&S that would then target the 1857 area on a break below the H&S neckline in the 1902 area. We’ll see whether that plays out today.
Important support is at the hourly 50 MA at 1908, so if we are going to see that right shoulder bounce, I’d be looking for that from a low in the first hour, without too much time below that support level. SPX 60min chart:
