Current market context
In the big picture context, the Up Trend that started on 12/26/18 is still intact. $SPX $NDX are currently in Major Pullback2 within this Up Trend. Major Pullback2 arrived on 7/31, with plenty of warnings from market internals.
Within the current Major Pullback2, since Thursday 8/15, $SPX $NDX had been in a bounce that resulted from oversold condition. As prices rise up, the oversold condition fade away. This bounce is now rapidly approaching a strong resistance level. Tomorrow Tuesday we are likely to see some interesting resolution as $SPX $NDX actually reach resistance.
The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Trade scenarios to plan for
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