My last post had called for a 20 point gain in the Spx after the vertical fall on Friday.
Seems that today we are on our way to realise those gains. The question now is where do we go from here?
We have a fed meeting on, though I do not see it make a big difference to what will play out on the charts.
We are back in the price channel ( white rectangle) from November after friday’s drop, and so far today have done an excellent job holding on to the yellow Trendline from August.
It’s quite clear from the chart that a break above 1110 would put us back in the 1125-1150 range again, atleast 1125 would be a certainty.
On the other hand a break below 1080 can put 1055 and even 1025 in play and in quick time.
We’ll come back to this chart in the next few sessions and see how it plays out.At the moment though it is 1080-1110 in the futures.