Support trendline Redux - SPX500
Updated
Back to the daily structural support on futures (blue line) - tradingview.com/x/PkKqI2cY/. I'm expecting a stronger reaction here (or slightly lower) now that we're in a wedge and the hourly bull divergence is steep.
If they go lower for today it's not a huge problem, but I'd like to see this trendline hold by the weekly candle close. If they can't stay above the trendline (which is also near the weekly 200sma) for the week it will become more problematic. A strong sell from here to 3500 area will be more evidence for the bears and any retest of this trendline/weekly 200sma area will likely be a good shorting opportunity. Good luck!
If they go lower for today it's not a huge problem, but I'd like to see this trendline hold by the weekly candle close. If they can't stay above the trendline (which is also near the weekly 200sma) for the week it will become more problematic. A strong sell from here to 3500 area will be more evidence for the bears and any retest of this trendline/weekly 200sma area will likely be a good shorting opportunity. Good luck!
Comment
US dollar finally looks like it's starting to break down from rising wedge Comment
breakout of wedge. Any retest in the morning is an objective long entry Comment
3595 likely support after open Comment
Looks like a lower wave is possible - would fool both bulls and bears. Sort of expecting this - Comment
Looks complete to me Comment
downtrend looks complete. under 3560 again and there's something wrong with the analysis. I'm buying dips from here.Comment
they reversed hard so it looks like we'll make one more low. Weekly BB is at 3491 and may be the target. I still think this week is the reversal. 
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