Today's price action has me very worried. The fact that SPX was able to move above 1462 but did not make a run up as I expected is concerning. No momentum. In addition, the fact that it actually closed below 1462 (today's close = 1461), makes things even more problematic. Added to this is the fact that VIX is looking very good for a run up (= bearish SPX). If we see an up day on the SPX tomorrow but closes at or below 1470, then we are very likely to see a huge drop on Friday. But if it closes above 1470, then bulls have nothing to worry about. On the other hand, if we see a move 1455 intraday tomorrow, then expect price to get to 1440-1438 tomorrow or Friday. See DAILY I chart for clarity.
Note that the bulls are still in control till proven otherwise.
MA-DAILY
GLD-DAILY
VIX-DAILY
SPX-DAILY IV
SPX-DAILY III
SPX-DAILY II
SPX-DAILY I
SPX-30MIN II
SPX-30MIN I
SPX-5MIN
