Slope of Hope Blog Posts

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The Downside Is Strong In This One

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I was saying in my post on Monday that a fail at the test of the daily middle band generally happens in one of two ways. The first way is the usual test and fail, and the second is a break above that is rejected the next day. Obviously SPX took the second option and delivered a memorable rejection candle. That was bearish with an obvious minimum target at a retest of the daily lower band, which closed yesterday at 3823. I’m expecting that target to be reached, and likely lower. A retest in the next few weeks of the 2022 low at 3636.87 is now firmly on the table as my primary scenario.

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