Man Stares at Daily and Weekly Charts of SPX

They are bouncing the market this morning but the projected open keeps SPX below the (green dotted) daily EMA 20 and also the former blue sky breakout point at the February high. Logically, the 50 day SMA is acting as support this morning. Even a routine and healthy correction could pull SPX back to the 38% Fib and/or the (black) SMA 200 in the 3050 … Continue reading Man Stares at Daily and Weekly Charts of SPX