SPX hit the 2172 target I gave yesterday morning and has traded as low as 2168.5 at the time of writing. This area may hold, and if so the obvious rally target would be the left shoulder high at 2187/8, with important resistance at the 50 hour MA currently at 2182/3. If SPX was to fill the open gap at 2190.15 we would likely see a marginal new high, probably at or under 2200. If SPX fills the open gap just below at 2164.25, then that opens up the next decent support level and possible H&S neckline at 2147/8. SPX 15min chart:
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As I’ve been “warning” on my little TastyTrade segment, miners have been looking awfully vulnerable. It took a few days, but it’s finally happened – – the miners, represented by the ETF symbol GDX, have broken their ascending channel which has been in place pretty much the entirety of the year. The juniors version (GDXJ) hasn’t quite broken yet, but it’s getting close.
SPX daily is at the top trend line of what could be a wedge. Huey is in a robo trend up in a channel.