SPX update - watch for a weak bounce

17 באוג׳ 2023

I think the downtrend is done for a while regardless of how this closes today. The rsi needs to reset and a weak bounce for a few weeks would make sense. 4450 area would be an ideal bounce target, but the RSI will tell us when it's time to short again.

Good luck!

18 באוג׳ 2023

הערה

Target area reached (18 ma weekly) overnight. If they can't rally here, then the 18ma will become resistance on the way back up when it happens.

18 באוג׳ 2023

הערה

ok so it bounced but it's still in this downward channel. Needs to break out of that.

18 באוג׳ 2023

הערה

IWM outperforming. Even if there is one more low I think the bounce comes next week. Similar head and shoulders pattern forming here.

18 באוג׳ 2023

הערה

channel test again, nothing has broken out yet. Hard to say how Monday is going to look.

18 באוג׳ 2023

הערה

still no break at close