SPX Index created a correction channel in the month of December, traveling down to the 50% retracement of the late November - early December rally.
The market personality in the past 3 weeks shows a corrective move as the internal swings are choppy and large. The 19th dec. lows close to the 15th dec. lows where formed due to bears weakness (classic down target was at T2 trend line). This, along with the grat support of 1,200 area, sets my bias towards a reversal.
However, I will expect further confirmation given by T1 break and creating higher highs and higher lows in the future couple of days. I am also monitoring the possible retest of T1 (as a support) after the eventual break above it.
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