SPX Daily TA Cautiously Bearish
SPXUSD Daily guidance is cautiously bearish. Recommended ratio: 30% SPX, 70% Cash.
*FOMC WATCH. This week is already off to a volatile start with Equities starting in the red and currently attempting to close in the green. Equities, Equity Futures, Cryptos, Energy, DXY and US 10yr Bonds are either flat or up while VIX, EURUSD, US 30yr Bonds and Gold are flat or down. Yesterday on CBS 60 Minutes, US President Biden publicly sent a message to Russian President Putin urging him not to resort to nuclear or chemical warfare in Ukraine and that the West would respond in kind if he were to; meanwhile, Putin is trying to recruit more Russian volunteers to fight in Ukraine. Key Upcoming Dates: US August Building Permits and Housing Starts at 830am EST 09/20; 13th GDPNow US Q3 GDP estimate 09/20; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.*
Price is currently testing the lower trendline of the descending channel from August 2021 at ~$3850 as support. Volume is currently Low rack to favor buyers if it can close today's session in the green. Parabolic SAR flips bullish at $4090, this margin is mildly bullish at the moment. RSI is currently trending sideways as it tests 38.06 support, if it breaks below this level then the next support is at the uptrend line from August 2015 at ~32. Stochastic remains bearish and is currently beginning to form a trough as it tests 18.32 support. MACD remains bearish and is currently trending down at -50 with no signs of trough formation, it is still technically testing -43.84 support; if it loses this support then the next support (minor) is at -76.22 and would likely coincide with the uptrend line from March 2020. ADX is currently trending up slightly at 21 as Price continues falling, this is mildly bearish.
If Price is able to bounce here then it will likely test $3938 minor resistance. However, if Price breaks down below this level then it will likely retest $3706 minor support before potentially going lower to test $3508 minor support. Mental Stop Loss: (one close above) $3938.
*FOMC WATCH. This week is already off to a volatile start with Equities starting in the red and currently attempting to close in the green. Equities, Equity Futures, Cryptos, Energy, DXY and US 10yr Bonds are either flat or up while VIX, EURUSD, US 30yr Bonds and Gold are flat or down. Yesterday on CBS 60 Minutes, US President Biden publicly sent a message to Russian President Putin urging him not to resort to nuclear or chemical warfare in Ukraine and that the West would respond in kind if he were to; meanwhile, Putin is trying to recruit more Russian volunteers to fight in Ukraine. Key Upcoming Dates: US August Building Permits and Housing Starts at 830am EST 09/20; 13th GDPNow US Q3 GDP estimate 09/20; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.*
Price is currently testing the lower trendline of the descending channel from August 2021 at ~$3850 as support. Volume is currently Low rack to favor buyers if it can close today's session in the green. Parabolic SAR flips bullish at $4090, this margin is mildly bullish at the moment. RSI is currently trending sideways as it tests 38.06 support, if it breaks below this level then the next support is at the uptrend line from August 2015 at ~32. Stochastic remains bearish and is currently beginning to form a trough as it tests 18.32 support. MACD remains bearish and is currently trending down at -50 with no signs of trough formation, it is still technically testing -43.84 support; if it loses this support then the next support (minor) is at -76.22 and would likely coincide with the uptrend line from March 2020. ADX is currently trending up slightly at 21 as Price continues falling, this is mildly bearish.
If Price is able to bounce here then it will likely test $3938 minor resistance. However, if Price breaks down below this level then it will likely retest $3706 minor support before potentially going lower to test $3508 minor support. Mental Stop Loss: (one close above) $3938.
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