Turn Point, Related Fibonacci Level
- 1310.79 L2AF618 : 1309.97
- 1306.51 L2AF500 : 1306.54
- 1328.49 L3AF886 : 1328.48
- 1319.82 L2AF9443 : 1319.47
- 1324.94 L2AF214 : 1324.94
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1310.04 L1AF146 : 1309.99
The Close at 1316.63 left the Price below the L2Af236 Fibonacci level at 1321.09 and as well as the upper trend line of the descending short term channel .
The Birds:
- CCI 6 : -127.88
- CCI 20 : +40.79
- CCI 50 : - 20.78
The CCI 6 is showing a potential reversal of its downtrend . However the CCI 20 dropping below the +100 level and the reversal of the CCI 50 at the ZERO level are not bullish indications.
The indicator EMA 5 / WMA 13 made a negative crossover indicating that more downside is in store for the Index.
In summary I believe that the retracement terminated at 1328.49 and the next move for the SPX Index Price will be to the downside with an eventual test of the "Zone" and the lower trendline of the descending channel.
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