SPX Although I am strongly bearish for the long term, a rally point may be upon us soon. Support usually occurs to prevent events with negative statistical significance. Support to prevent breakdowns.
The FLD216, the point at which the slope of the MA216 would turn negative, is near 2815-2820 which coincides with the last mkt lows of 2817. Most analysts would create a new objective of 2600 if the mkt broke through. The 18day low is due today, but the 9day cycle counts to Friday. With the next 18day high due 8/21, the rally from the FLD could be sharp for several days. The weekend could also bring out some Trump tweets or fed action that is received positively.
All together, the rally off of this upcoming cyclic low could be sharp and be perhaps 150pts on SPX.
Stay on the right side of the cycle!
