Just for a change of pace I'll mainly be using futures charts today. Not much to add to yesterday's charts on SPX with a doji at the upper bollinger band on the daily chart, and the rising wedge I showed on the 15min chart has now broken the support trendline as expected.
Rising support has also broken on the ES 60min chart on strongly negative 60min RSI divergence. If you look at the last couple of months on the chart you can see that these divergences have been a very good signal of a coming reversal:
If we see a reversal and retracement here, which seems likely, then IF we are now in an uptrend I would be looking for strong support at the daily middle bollinger band and 100 DMA around 1360 SPX. If that folds then I'd be looking at channel support in the 1335 area. If that folds then it will be unlikely that we are in a medium term uptrend and I'll switch back to medium term bear mode.
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