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SPX shows signs of Life – 24 Oct

SPX  24 Oct

Macro View:

  1. Monthly: Bull
  2. Weekly:   S SMI Bull, F SMI below zero and sloping down             Weekly candlestick bounced off lows, sits at bottom 1/3 of the Bol Band

Swing View:

  1. Daily:   MAs, Bollinger Bands, SMIs, MACD Negative
  2. 4Hr:     Slope of MAs and BBs are negative.  SMIs in negative trending region.  Price did bounce off 2693 support level and is challenging 2741 resistance

Intraday View:

  1. 1,000K Tick: SMIs and MACD are bullish, MAs are flat but S SMI has positive slope. Price sits in top ¼ of Bollinger Band just above Adaptive MA
  2. Critical levels: Chart currently is holding 2741 support, resistance levels above that are   2751, 2766, and 2775 Support levels are 2741, 2731, 2722, 2701, and 2693

Conclusion:     See SPX Chart

Opened lower, bounced off lows and closed at 2710, below Tuesday’s close.I believe pullbacks will be buy zones as long price stays above 2701.If price moves higher from current levels, 2751 resistance must convert to  support and higher resistance levels will be tested.   Markets have made unusually large moves last few days, but if we apply Anne- Marie’s protocols effectively, we have been rewarded well.

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