SPX 3 yr weekly could be starting wave 5 down – or it could be a pause in wave 4 up - Only time and holding the 1282 fork / 1234 pivot point will tell.
In either case I’m not a buyer here at 1312.
The daily shows support at 1278 from the 200 DMA and the center of the channel fork – although I’m not trusting that either unless we see a confirmed move higher. for everyone screaming “oversold” – look at the RSI in August – then note the eventual bottom in Oct.
2 Responses to Charting SPX
I’ve been watching that same pitchfork on ES_F for a while now. If we don’t bounce at the 200 day (~1280), ~1260 is the bottom of that pitchfork given a week or so.
If we get to 1280, I’d suspect a bounce. Whether or not it sticks is the question.
Low 1280-ish makes sense, also MM for H&S http://ibankcoin.com/rickyroma0/2012/05/14/any-way-you-want-it/