My recent posts have noted that the SPX decline since 09/02/21 was probably a correction within an ongoing bull market and that the decline could terminate in the mid 4100 area. On 10/15/21 the SPX pushed above the Fibonacci .618 retracement of the 09/02/21 to 10/04/21 drop. Additionally the SPX moved above an area of overhead resistance, this opens the door for a move up to at least the 09/02/21 high. The 10/04/21 low is probably the correction bottom.
Note the hourly RSI + MA made a new high at the SPX 10/15/21 top. Most of the time for stocks and stock indices tops are made with at least one bearish divergence, this implies short - term more upside to come.
Note the designation for this post is neutral.
If the SPX declines into a short-term support zone above the 10/04/21 bottom - late October to early November it could be an opportunity to go long.
Mark
Note the hourly RSI + MA made a new high at the SPX 10/15/21 top. Most of the time for stocks and stock indices tops are made with at least one bearish divergence, this implies short - term more upside to come.
Note the designation for this post is neutral.
If the SPX declines into a short-term support zone above the 10/04/21 bottom - late October to early November it could be an opportunity to go long.
Mark