$SPX Trading Range for Friday, August 2nd

So, in SPX, one of the biggest levels to have on your chart is the 50-day moving average. We have definitely been chopping around that level since last Thursday, and quite violently this week. The 50-day is directly above where we closed, and then the 35 EMA is right above that as well. At the very top of the implied move, we have the 30-minute 200 moving average coming down from above the trading range, and the momentum on that is down. We clearly saw a rejection there today, so be careful if we get near the top of the trading range. The average is also at the top of the trading range, and they look like they’re about to cross down. That is a bearish cross, to see the 30-minute get underneath the one-hour like that.

Under us, we have support at 5399. We bounced there three times: last Thursday, last Friday, and then this week on Tuesday. Underneath that, we have another gap. That is the rest of the gap left over from FOMC in June. When we dipped into that level last week on Thursday, we did see some buying there, and we filled that gap about halfway.

Good luck tomorrow, guys!