The SPX could complete a rising Zigzag from the bottom made on 12/22/16. There are two economic reports out at 10:00 AM -ET. Perhaps the SPX could rally into these reports. Watch the 15 minute Stochastics for overbought condition and then bearish cross over. Todays minimum downside target 2256.00. Maximum 2248.
Mark
Mark
Thank you for your morning call for 12-23. Greatly appreciated.
SPX is currently in a Descending Triangle,or Wedge formation on the 240 minute chart used by many institutional traders.
Support for SPX on the close on 12-23 is 2257. Resistance is at 2268.
Weekly SPX close chart shows support at 2255, a very important number to hold for the bulls.
A close below 2255 on 12-23 would confirm a Weekly "False Breakout on the 12-9 Cl of 2259.53
and move price back into the prior pattern ,thus confirming a weekly top in the S+P 500,
and that would be a very bearish scenario for the end of the year rally.
The Unwind