spx

As For the S&P 500…

Now that I’ve beat you to a pulp (and even managed to irritate myself) on bonds, let’s update our friendly pig, the S&P 500 per the chart we used last week to all but call the (probably temporary) low.

Here are some upside parameters to watch for. I would think the minimum bounce potential is to the SMA 50 (blue) just above the 50% Fib. The Fibs are shaded yellow and any of them are doable and in fact SPX has already Fib’d 38%. But if the bulls really get a case of the FOMO and start pile driving back in there is a gap up there above 2850. Can they do it? Doubtful on this gulp, but with this market…

Meanwhile, there remains a gap down around 2460 saying “hey fellas, don’t forget about me!”

spx

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