Just a short post today as I’ve had a lot on this morning, and there’s not currently a great deal to say as we chop around in this range on SPX.
The bears had a great opportunity on Friday with the bad NFP figures, and I was expecting a break downwards to make my main retracement targets. However 1826 range support held, and that isn’t encouraging for further downside at all. The bears are still in the game, as ES is still failing to hold the 50 hour MA, currently at 1834, either as support or resistance, and ES has been back under it for the last few hours. I have a rising channel from the current retracement low with channel support at 1828.5 and obviously strong support in the 1825/6 area. ES 60min chart:
On the SPX daily chart the obvious support levels are at the middle bollinger band, now getting close at 1822, and the 50 DMA at 1800, which now looks overambitious as a target. Resistance is at the current high at 1849, and the daily upper band at 1868. SPX daily chart:
My lean today is cautiously bullish.
