How charts can sometimes fool us....
Yesterday's SPX chart would have given the false illusion of a bounce. Price touched but rejected both the 200 day sma and lower bollinger band.
This morning it broke through the 200 day sma and pushed the band lower.
It's completed a small head and shoulder pattern which, if it plays out, gives a down target around 810. That's also a likely support level for the next BIG MOVE UP where the larger bullish inverted head and shoulders may play out.
2 charts of the S&P 500:
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Last
8,561.8 |
Change
-68.500(0.79%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,630.3 | 8,630.3 | 8,544.7 |
| XJO (ASX) Chart |