alice

NFTRH; SPX Bounce Status

A simple update showing that SPX has bounced to the SMA 50, which roughly coincides with the 50% and 62% Fib retrace levels and visual resistance. If SPX is going to be resisted comfortably for the bears, it should be resisted right here.

Other indexes like DJIA & NDX are roughly similar in status while SOX is above its upturned SMA 50 and trying to use it as support. It’s that last thing along with the massive thrust into long-term Treasury bonds that gives me pause on the bear case for stocks. Still, if you’re bearish this is the place to prove that case.

spx