- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
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Tuesday, 2 August 2016

Testing the Daily Middle Band

SPX has broken range and double top support at 2159, and then the daily middle band at 2155. If bears can now hold that 2155-9 area as resistance today then there are decent odds of a trend down day and the double top target is in the 2140 area. A close below the daily middle band opens up a move to the daily lower band as the obvious next target, and that is currently in the 2111 area.

If the bears can't hold the 2155-9 area as resistance then this may just be the low before the higher high, and we could still see the 2190-2 test that I was looking at yesterday morning. SPX 60min chart:
SPX daily chart:
As I was saying yesterday morning, as and when this retracement gets going properly I'm looking for at least a 4% decline. That should obviously take SPX back under 2100 and maybe quite a bit further.

Just a reminder that Stan and I are doing our monthly public Chart Chat on Sunday. It's free and all are welcome and you can sign up for that on this page here.

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