Wednesday, August 14, 2013

SPX Daily

$SPX - Chart Link

$SPX - Chart Link

As I discussed last night,  the SPX is nearing a SHORT TERM inflection point.  Of late we have seen lethargic action leading to a choppy decline which has allowed the oscillators to unwind some of their overbought readings. The SPX is still finding support from its 20 EMA (important to hold). So the question here is if the SPX can may another attempt at new highs (the QQQ's did) or if it fails and forms a lower high (RS) and turns down.  Thus, it's been mainly a trader's market of late with many trading around earnings.  Simply put, the 20 EMA is the key support with resistance at 1700 and 1710. Continue to trail stops upward on longs and if playing shorts also adhere to proper stops. 

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