· Short term- Today’s 1190 bearish outside day from 1189/1200 near term rally targets ends Mon’s lift from 1121.
Supports are 1156, 1147, 1137. Resists 1170/1178. Seasonals are bearish until early October.
· Long term- Damage remains. SPX is interim bearish below 1200/1227 & long term below 1250-1270, and declining 1284
200 day MA. Risks a lower-low to 1060-1080 by October. Floor at 1011. Then ‘4Q lift.
· Sentiment/Breadth/Momentum- The DSI is very oversold, but Invest Intell & AAII are not at bottom levels. Breadth/ new
52 week lows confirmed Aug 9’s new lows. Monthly momentum keeps July’s sell. The weekly sell lacks divergences seen at major troughs
Supports are 1156, 1147, 1137. Resists 1170/1178. Seasonals are bearish until early October.
· Long term- Damage remains. SPX is interim bearish below 1200/1227 & long term below 1250-1270, and declining 1284
200 day MA. Risks a lower-low to 1060-1080 by October. Floor at 1011. Then ‘4Q lift.
· Sentiment/Breadth/Momentum- The DSI is very oversold, but Invest Intell & AAII are not at bottom levels. Breadth/ new
52 week lows confirmed Aug 9’s new lows. Monthly momentum keeps July’s sell. The weekly sell lacks divergences seen at major troughs
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