Technical Analysis on .SPX
Hello everyone! Today I want to share some technial analysis about .SPX with you!
The Red Line GAP:
(1) A break-away gap below at 4221-4241 serves as a magnet to draw the market lower.
(2) I think it would be at least partially filled during this down leg, and most likely whip-sawed in a lower level w-4.
(3) refilling the gap invalidates all bullish option.
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A potential...
(1) I have to emphasize another potential for this type of break-away gap--the market would mark that zone with another break-away gap, but to the opposite direction.
(2) not saying this would happen, but TA indicators are strong enough to warrant such a warning.
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The LOW is 4238, just touching the GAP and partially filled it. I am not saying this is ALL of the refilling effort, but it is a major portion of it. Today's close would signal where tmrw's open would be--in other words, whether the refill attempt is done or not.
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MPW Mid-week Update Posted:
(1) SPX now drops to a major support zone, consisted of two key levels
(2) I laid out roadmaps at 5-min, 30-min, 2-hr and daily levels for your references. All in all, STR will be the rule of game.
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