This index still feels "heavy"
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SPX having difficulty breaking above 2,160 to confirm its summer breakout
Now also having difficulty remaining above previous historical high (2,134.71)
All the while we are fast approaching US elections and rate hike
Volatility has been extremely low and is bound to pick up - This is already taking place with VIX >17.00
Gold also supportive of upcoming potential volatility spike: Flat when stocks go up, up when stocks are down
MACD trend negative on Daily chart
RSI trend negative on Daily chart
Watch a break/close below 2,120 for a confirmation/continuation of downtrend
Watch break/close over 2,160 for resumption of up-trend
Now also having difficulty remaining above previous historical high (2,134.71)
All the while we are fast approaching US elections and rate hike
Volatility has been extremely low and is bound to pick up - This is already taking place with VIX >17.00
Gold also supportive of upcoming potential volatility spike: Flat when stocks go up, up when stocks are down
MACD trend negative on Daily chart
RSI trend negative on Daily chart
Watch a break/close below 2,120 for a confirmation/continuation of downtrend
Watch break/close over 2,160 for resumption of up-trend
Nota
Break below 2,120 confirms weaknessNota
Break confirmedThis idea has now been updated
Please refer to link below: "Is this the correction we've been waiting for?"
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