The SPX could complete a rising Zigzag from the bottom made on 12/22/16. There are two economic reports out at 10:00 AM -ET. Perhaps the SPX could rally into these reports. Watch the 15 minute Stochastics for overbought condition and then bearish cross over. Todays minimum downside target 2256.00. Maximum 2248.
Mark
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The_Unwind
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Mark,
Thank you for your morning call for 12-23. Greatly appreciated.
SPX is currently in a Descending Triangle,or Wedge formation on the 240 minute chart used by many institutional traders.
Support for SPX on the close on 12-23 is 2257. Resistance is at 2268.
Weekly SPX close chart shows support at 2255, a very important number to hold for the bulls.
A close below 2255 on 12-23 would confirm a Weekly "False Breakout on the 12-9 Cl of 2259.53
and move price back into the prior pattern ,thus confirming a weekly top in the S+P 500,
and that would be a very bearish scenario for the end of the year rally.
Thank you for your morning call for 12-23. Greatly appreciated.
SPX is currently in a Descending Triangle,or Wedge formation on the 240 minute chart used by many institutional traders.
Support for SPX on the close on 12-23 is 2257. Resistance is at 2268.
Weekly SPX close chart shows support at 2255, a very important number to hold for the bulls.
A close below 2255 on 12-23 would confirm a Weekly "False Breakout on the 12-9 Cl of 2259.53
and move price back into the prior pattern ,thus confirming a weekly top in the S+P 500,
and that would be a very bearish scenario for the end of the year rally.
The Unwind