Market sold off this week and SPX closed just below its 13 D-EMA on Friday at 1200. Ever since this rally started (Sept 1), SPX has bounced sharply off its 13 D-EMA. This time it's just sat there, just below it. To me it means that Market is on the fence and it's hard to see what it might do. Below a number of probable moves are shown graphically. I think the likelihood of a bounce and a try at the new resistance line (solid thick black line just above 1220) is good.
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Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice. Furthermore, the opinions expressed may change without notice
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