SPX update

SDS quick note: SDS has retraced nearly exactly 79% to 39.33. A sustained break of 39.33 points to a probable retest of the 38.70 SDS recent low.

SPX scenarios:

See Thurs 9/24 post for additional important levels and charts.

The bearish case is more likely now, given the MACD and RSI.

The Symetrical triangle in the chart below shows:

Bearish:  Break 1057 then 1053 the 1041. If 1041 breaks then the target is either 1016 or 1003, depending on how the coil is measured, with levels in between obviously. Those are the horizontal support and resistance, fibs could also be used to get intermediate levels and clusters.

Bullish: Break out of coil triangle over 1065, then 1069, 1076, 1080.  If 1080 breaks then 1120 with levels in between obviously. Those are the horizontal support and resistance, fibs could also be used to get intermediate levels and clusters.