Upside - 1299, 1308, 1316, 1318 and 1340
Downside - 1285 and 1261
--------------------------------
Sorry, don't have a lot of time to get too in depth here.
SPX Daily;
Luckily for me, there isn't a whole lot to talk about here.
We are sitting right on the 200dma. It's do or die time for the market. Interestingly, this is occurring just as we are running up on the debt ceiling debate and deadline.
We have a large Head and Shoulder formation in play and any significant move below the 200dma is going to put a death cross in play. The spread between the 50 and 200 will be down to about 21.5 points tomorrow. The 50 is declining and the 200 is still rising and leveling off. Any further tankage will cause the 50 to fall that much faster and close that gap quicker.
The Daily is getting oversold, but it is not extreme yet, we could still sell off quite a bit here before a bounce.
I'm very curious to see what the market does based on this vote. I'm inclined to think that we may sell off on a Yes and sell off twice as hard on a No.
We'll see soon enough...
GL
CJ
No comments:
Post a Comment