Daily BriefsTechnical Analysis

Daily Brief Technical Analysis: SPX 3 and more

In today’s briefing:

  • SPX 3,500 Is Where We Transition

SPX 3,500 Is Where We Transition

By Thomas Schroeder

  • SPX bearish to 3,500/30 below 3,650 with sell resistance at 3,650 (bounce bet failed at 3,740). Early October low followed by a short squeeze.
  • Meeting/Exceeding key downside targets in oversold (RSI’s due to bottom soon) Asia and Europe into an exhaustive down leg. 
  • October transition: We favor overlapping our long basket into early to mid-October new lows. NKY, ASX, RTY layered longs and USD sell is on deck (USD front run).

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