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The bears are trying to press the spx below the range I pointed out in yesterday’s video, which is here:
If they can get price below the 4450 support, a reaction trade down to 4400-ish would be on deck.
I will continue to lower my short position from the 4550 average cost basis.
You can manage the trade however you wish, but when/if we do see a break below 4450, it should come with buy signals.
I personally would rather be in cash and looking for a support level to buy.
But if the 4400 doesn’t hold, then a move back down to the 4300 would be very likely.
Until the bulls can get price above 4520, the bears are in control of the short term trend. -Gary Dean
SPX Hourly Technicals
Stochastics: Neutral
Divergences: No Divergences
Resistance Pivots: R1-4497 R2-4515 R3-4530
Support Pivots: S1-4450 S2-4416 S3-4398
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