Whilst the 60min cycle churns around - with no major moves in either direction, lets have a look at the daily cycle.
SP' daily, bearish outlook
The levels are clear for the bears...
Immediate term... <1395, then 1380
Near term.... <1357, then 1340, 1300
Key MAs to break, 10MA: 1389. 50MA: 1385
*It is interesting that two daily MAs are now right in the middle of the immediate target zone 1395-1380.
A break under 1380 will likely (if it occurs), produce a number of consecutive large down moves, I'd be looking for at least one 3% day, with VIX 21/24 eventually.
Finally..a brief chart update on the Sp'60min
The 10MA @ 1404 will be the first barrier. A fail there..and rollover into the close would be the very best the bears can hope for right now.
More later!
SP' daily, bearish outlook
The levels are clear for the bears...
Immediate term... <1395, then 1380
Near term.... <1357, then 1340, 1300
Key MAs to break, 10MA: 1389. 50MA: 1385
*It is interesting that two daily MAs are now right in the middle of the immediate target zone 1395-1380.
A break under 1380 will likely (if it occurs), produce a number of consecutive large down moves, I'd be looking for at least one 3% day, with VIX 21/24 eventually.
Finally..a brief chart update on the Sp'60min
The 10MA @ 1404 will be the first barrier. A fail there..and rollover into the close would be the very best the bears can hope for right now.
More later!
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