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| SPX Daily |
When I shorten up this daily chart to start in mid-June, there are 3 high volume zones worth paying attention to. This morning's action gapped it up into the lower end of that 1458-1465 zone and the bears stepped in from there. I think we are at a crossroads here. The middle volume zone isn't that heavy, but it's where the bulls stepped in a few days ago, so it's worth watching. A close under that 1430ish level points to a test of the 50day SMA at 1413ish.
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| S&P Futures Daily |
S&P futures have now closed 5 days in a row under the 20day WMA (currently 1441ish). I think we will see follow through to the downside tomorrow and I drew in a potential scenario going forward. Obviously the action can change quickly, and if the bulls hold this 1425ish level (1430 SPX), we could just start grinding back to the 1460's again. Time will tell.
