SPX is now sitting at with a candle by its lonesome on the Daily chart with a clear range (high and low) of that candle. If you break it down to the 4 hour chart now you have an inside candle with the high and low clearly defined. I decided to post the 15 minute chart here for the sake of seeing how the price action moved within the range for the previous day (technically it's Thursday now as it is after midnight as I type).
In the event the bearishness of this Bearish Market continues I can certainly see the #SPX testing and consolidating around the support area of 4430.27 and 4451.97. In the event this area breakdown and turns into resistance/supply, then I'd be turning to my Target 2 and potentially Target 3 areas. Nevertheless, let's get to the Target 1 first.
Keep an eye on the Futures and overall markets if you're trading SPX as there will be continued volatility and whipsaws. Already think Risk First and protect yourself to trade another day!
In the event the bearishness of this Bearish Market continues I can certainly see the #SPX testing and consolidating around the support area of 4430.27 and 4451.97. In the event this area breakdown and turns into resistance/supply, then I'd be turning to my Target 2 and potentially Target 3 areas. Nevertheless, let's get to the Target 1 first.
Keep an eye on the Futures and overall markets if you're trading SPX as there will be continued volatility and whipsaws. Already think Risk First and protect yourself to trade another day!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.