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SPX - We have a swing low at what looks to be a 1/2 cycle low on day 18. The follow through will tell us the strength of the daily cycle. The 200sma acted as support, and volume increased off of the low. I willbe watching for a break of the down trend line & a new high above day 12.
Read More It is earnings season this week and suddenly we are seeing the Markets sell down, even when reports do not seem that bad. Let's do a quick review...
SPX APRIL 20- Last week I looked at the move out of the Feb lows and noticed a pretty drastic sell off on day 13 & 14 below the 50sma, so I drew the SPX chart with a similar drop into day 14, a bounce, and then possibly another drop.
SPX APRIL 23 - Monday I thought that by day 15 we would get our 1/2 cycle low, and then a bounce higher. The markets were so strong in Oct, Nov, Dec, and Jan that I would expect them to at least make a double top, eventually running to the former highs. On Tuesday...
SPX - We are REALLY seeing a struggle here to gain some traction. 2553.80 IS CRITICAL in my opinion. If those lows break, this would appear to be a failed daily cycle.
And in addition to that, I posted this chart in the comments section yesterday.
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