Now, with just a few points more we will crack the nut. In my 10:45 post I pointed to a layer of support just beneath the 30-minute break. The white line there minus 6.25 points is 1126.
Another close-by support level is on the hourly chart, the trendline and the yellow line (125-hour) beneath it. I want to go 2.25 points beneath the yellow line before yelling "Timber". I tried inverting the colors on this chart but it turned out ugly. Click to enlarge.
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Congrats, Steve, on sticking with the plan!
ReplyDeleteOne thing I'm noticing on the 30 min chart of SPX cash is that the 52 SMA has served as support during this recent move up, and it's marked the low of the day so far. Also, SPX cash took out the lower channel line drawn off the 9/7 low. It's bounced above it now, but was below it for part of two 30 min bars just prior to the one that is in play now.
Right. The green line on the SPX chart and the yellow line on the SP futures top chart say the same thing. I really want to take out that yellow by at least 2.25. You would be surprised how long these have held support for this market. But, we broke initial support, the SP 30-minute which has held for weeks. The SPX brown the same way.
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