The SPX target I was looking for has been met and has exceeded by 5 pts. Although I can speculate that the markets should rally here, I should still keep in mind that my ST is still in a bearish position. Any long position made should only be played intra-day so long as our ST still remains in a down-trend. This will help against abrupt acceleration or gaps made to the downside.
If we are to accelerate and continue downward, I would consider it very bearish since the 200 day MA has not been a strong support of prices. Therefore we have 3 days to get back above the MA which sits at 1905.39 and moving.
Next level to watch for a target downward would be the 1840 to 1820 range.
MT: DOWN
ST: DOWN
PA: DOWN
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