SPX Technical Analysis
- SPX is in a downtrend as per the McClellan Summation Index, the trend indicator, which triggered the signal two days ago.
- SPX broke through the middle Keltner, but now things get more interesting.
- Just below are the August gap and technical support from the June high, which coincides with the 38.6% Fibonacci retracement of the move from the July post-Fed low.
- Will bulls defend this level?
- Notably, below this support, the next target will be the 50D MA and lower Keltner, which will be on Friday at about 50% Fibonacci retracement.
