Here is my latest technical analysis for the S&P. Been stuck under the midline of the red down channel since May. With a gap down today and the midline and black trend line squeezing price, it looks like the market is getting ready to make its move Friday or Monday.
I see two key levels that we are likely headed towards. We could rally up to the the resistance of the down channel, which is around 440. Or, we could fall further to the 360 range (maybe 370). IMO, the upper move seems a bit more likely, but don't be surprised if we get some form of bear trap down to the purple dotted midline before the bounce.
1W to show the channels and trend lines
I see two key levels that we are likely headed towards. We could rally up to the the resistance of the down channel, which is around 440. Or, we could fall further to the 360 range (maybe 370). IMO, the upper move seems a bit more likely, but don't be surprised if we get some form of bear trap down to the purple dotted midline before the bounce.
1W to show the channels and trend lines
