In today’s briefing:
- Fresh Assault on SPX 3,630 Bull/Bear Line
Fresh Assault on SPX 3,630 Bull/Bear Line
- We recommended rolling back into our short group at SPX 3,800+ on October 5th. Friday’s NFP bear impulse does show energy to pressure the SPX 3,630/50 bull/bear line.
- SPX chart shows downside follow through after downside impulses as does the oversold RSI reading (lacking any bull divergence). US yields and USD point north to provide bear fuel.
- Below SPX 3,630 (after an uptick) does favor minor new lows in the US that is part of the bottom building process outlined for October.
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