9/24/19 note: No activations today. We discussed recently how the market was in between the daily bull level and the trend support line coming up from the Dec 2018 and June 2019 lows. On Friday SPX closed below the trendline, today it retested that trendline from below then fell into the close. Something had to give, either the daily bull level or that support trend line, resistance held and support failed.
We had a weekly time target in place for this week and as of this writing we have already seen a lower low than last week making the target a direct hit. We see a number of weekly time targets from different models lining up between now and the end of October so it could be choppy between now and then. So far, still no activations so all this we are seeing through today is more chop.
We would need to see a daily close below the daily bear level (2836) (or above the daily bull) to indicate the market wants to move again (instead of chop). Lets see what happens tomorrow.
**Caution**
Major Harmonic Resistance Level: 3044.44
Major Fibonacci Extension Level Resistance: 3047.34
Critical Monthly Support: 2635.10, 2465.41, 2418.59
Daily
$SPX Daily Bull Level
3019
$SPX Daily Bear Level
2836
Daily Reaction Risk Target Zone: N/A
Weekly Reaction Risk Target Zone: N/A
Monthly Reaction Risk Target Zone: Bear 2585-2611
*****This Blog is strictly for informational and educational purposes only and should not be relied upon for any reason.*****
