Hello Everyone,
The indices closed mixed but that was after ALL the indexes managed to make new recovery highs. The SPX moved up to test its 200 day MA for the first time since April. At that time, I was tracking a intraday rising wedge (SPX 10 minute from yesterday) soon after we saw a quick retracement after a slight overshoot of the intraday wedge. The SPX fell 35+ point which made for a nice intraday trade. It then managed to bounce back up within its range (retracing back to the .618 Fib of today's high to low drop) after holding SPX 4290 support. Earlier today (pre-market) I posted a short term SPX cycle (Cycle's Fan) to monitor which showed previous tops after 17 bars which came pointed to Today. For confirmation, the SPX needs a close below 4277. For now, the bulls remain in control.
Please take a moment to look at the trade ideas.
