Trading Fam,
It’s time. We’ve prepared. SPX has now broken our wedge to the downside. Another candle on the daily will confirm this bearish move. I expect the 50-day SMA to give us a bit of a bounce. We may retest the underside of the wedge before further moving down at the end of this week or the beginning of next.
Again, as stated in my previous video post, I would expect us to draw back to at least that 200-day SMA in red. More likely, we’ll go to support, which intersects with that 350-day SMA (orange) at around 6100. If we go lower and break below that 350-day SMA, we’re likely to test the bottom of our channel.
Trade accordingly once confirmation of this bearish move can be had.
✌️Stew