SPX Went to the 2050 Target on Thursday
SPX went to the 2050 target that I mentioned yesterday morning and found support there, rallying powerfully enough from there to break the declining resistance trendlines on SPX, ES and NQ, but not RUT.
Is the retracement over? Maybe, but if so then SPX(NYSEARCA:SPY) needs to confirm with a break back over support turned resistance at 2085. The other significant resistance levels to watch today are daily closing resistance at the 5dma (now at 1975), daily middle band (now at 2089), and hourly resistance at the 50 hour MA, also at 2089.
ES Sep 60min chart:
NQ Sep 60min chart:
Sign up for our Newsletter & get the FREE eBook
Retirement Day Trader:
How to Sell Weekly Options for Steady Income
TF Sep 60min chart:
Yesterday’s cycle trend day was a V day in effect in the end. Today is the other cycle trend day this week and should be interesting whichever way it goes. Everyone have a great weekend 🙂