Good morning. Happy Wednesday.
After a 1-day relief rally yesterday, the market is set to resume its short term downtrend. Most of the Asian/Pacific markets dropped with China again leading the way (down 4.3%). Europe is currently down across the board. Futures here in the States suggests a decent gap down open for the cash market. …
Here’s the SPX 60-min chart. The index clearly broke support Monday (albeit with a gap) and then rallied back to back kiss the newly-formed resistance. My downside target is the blue line.
Zooming in, the SPX 15-min shows a better shot of the solid block of resistance that lies overhead.
Zooming out, here’s the SPX weekly I’ve posted numerous times the last few weeks. So far, the upper Bollinger Band has held.
If there was one positive, here it is. BKX is holding up well.
The short term trend is down.
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