12/27 update, due to extreme volatility projections are useless until it calms down.
Two levels to monitor, 2250 support and 2603.54. IF 2603.54 is traded above we have a low and 3000/3200 still favored. NOT advancing above 2524 THEN dropping to 2250 we have a top and a major bear market.
Dec 24
12/24 update, Weekly resistance2476/2522 support 2357/2312, daily resistance 2446/2469 support 2387/2364.
Price must return above 2480 this week or it will continue toward 2250 area before any significant bounce.
Ralph Acampora CMT @Ralph_Acampora 41 minutes ago
Market, Part III: In order to say for sure that we've witnessed the final low, I want to see a successful re-test of yesterday's low on heavy volume. Thus, it is too early to say that the current bear market is over. Be very selective.
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$SPX daily since 2016 with 50,3 Bollinger Bands applied to the $SPX XLK XLF XLY symbols on the chart -
* bears remain in firm control while the S&P 500 index net Advance-Decline breadth line and the net Advance-Decline volume line both remain below their daily 50,2 lower Bollinger Band shown on this chart OR while below their 50-day simple moving average
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