The 20 day MA is getting closer, support is now at 1257.15. The 20 day has been solid support for this rally, a break below here opens the door for a larger sell-off towards the 1226.08 level, support from the 50 day MA.
Click here for a live, and updated chart!!!The SPX broke down below the short-term Fib fan line that has acted as support for the last few weeks, a close beneath this line moves support down to the 1250 level. Indicators on this daily chart have rolled over and are now on a sell.
7:35, The big mover this morning has been the VIX, up over 6% and testing the upper Bollinger band where it temporarily broke above before recapturing the bands, this ups the odds the VIX will reverse back down, as these breaches in the past normally resolve with a quick reversal.
Click here for a live, and updated chart!!! 7:28, The SPX is at a critical juncture right now, testing the lower black channel line, a break here could accelerate the selling, and if it holds, the 4th wave count stays on the table. The sell-off so far has lacked a decent impulsive wave down, and the breadth numbers that should be present for a larger sell-off. Breadth currently is running at 2.68:1, decliners, I would like to see this number up to at least 5:1 for a decent sell-off.
US markets are on drugs! It's simply unbelievable ...
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