The MACD line and stochastics are weak and bleak so a recovery move may occur for a candlestick or two (one or two hours) but weakness would be expected to reemerge until positive divergence can develop for all indicators. The 2018-2019 support may serve as a magnet for price to decide if it wants to base there, or fail there. The SPX dropped to a LOD at 2019.91 after the opening bell and bounced. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added 12:39 PM: The SPX is 2034 overtaking the 2032 S/R. If price stays above 2032, it will set its sights on the 2038 horizontal resistance which is also at the 20-day MA at 2038.69 and the 200 EMA on the 60-minute at 2038.37. This 2038-2039 resistance gauntlet carries serious street cred. Bulls win big above 2039. Bears remain in great shape if the SPX remains under 2038.
Note Added 1:28 PM: Whoa. Ho, ho, ho. The jump to test 2038-2039 occurs quickly. Here it is; for all the marbles. The 200 EMA on the 60-minute is 2038.30. The SPX is at 2038.15. It is time to bounce or die and the decision controls the markets for the hours ahead. Keybot the Quant algo is tracking NYA 10812 and SOX 673.82 as the two key market directional parameters. So bulls win with the SPX above 2038, NYA above 10812 and SOX above 673.82. Bears win with SPX under 2038, NYA under 10812 and SOX under 673.82. The table is set. Who will emerge victorious?
Note Added 1:31 PM: SPX 2039.11. NYA 10811.18. SOX 673.48. A decision is needed; the parameters are at inflection points. What say you markets? Bounce or die?
Note Added 1:36 PM: The bears repel the first attack. SPX 2037.73. NYA 10806. SOX 672.84. The bulls will probably mount another run at the critical 2038-2039 level. The stakes are high.
Note Added 1:42 PM: The 200 EMA is 2038.30. The SPX is 2038.30. Do you have a coin to flip?