SPX - Short term data

Lots of information to pile onto my post on the weekly scale.

Short term direction continues short to 3978.

Short arguments:

• Elliot Wave did not - Expected wave C to go farther to flip it to a wave 3 on long
  
• Fibonacci retracement stopped right at 4178 (50%) - Closes at top and bottom of the initial downtrend
  
• We have crossed 21 EMA currently
  
• All data isn't helping the feds bullish hoorah's on rates for long-term
  

Long arguments:

• Golden cross last week with 50 and 200 MAs
  
• We are still north of that major downtrend between the yellow
  

Outlook:

• Closing below 4070 today would have us below the 21 day EMA
  
• Support around 3980 with 50 MA and our upward rally trend line
  

Hope this helps your analysis.
May the odds be ever in your favour!

Commentaire:

So we closed above the 21 day EMA. Shorts sold. Potential Long early next week. Have a great weekend!