The SPX has now pulled back three consecutive days after the big breakout above 1131. We have not retested and failed that previous 1130 level which should have acted as support. Next major area of support is the important 200 day MA at 1116, which is trading very flat.
If you take a look at the RSI and stochastics, they are coming off overbought levels so we could still see some more downside. Futures currently are slightly up, indicating we'll have a positive open, but what is more important is for the bulls to hold this level if we are going to attempt the next leg higher.
If you take a look at the RSI and stochastics, they are coming off overbought levels so we could still see some more downside. Futures currently are slightly up, indicating we'll have a positive open, but what is more important is for the bulls to hold this level if we are going to attempt the next leg higher.
Comments