Rather like the FTSE 100 index, we have not seen a triple bottom sell signal on the SPX for ages. In fact, I think this is the only one on these charts and the first reversal/sell signal since the summer of 2010, such has been the strength of the bulls in the intervening period (that and a sprinkle of QE2).
The 5x3 H/L chart shows previous support at 1,305 held twice but has now fallen to the bears. Target to the downside is 1,255 and is active.
On the 5x3 chart based on the closing level only, there are two targets in focus. One at 1,250 and the other at 1,280. Similar picture, the bulls held that 1,310 level twice, managing to fend off the bears but the bears have managed to push through this level.
The 5x3 H/L chart shows previous support at 1,305 held twice but has now fallen to the bears. Target to the downside is 1,255 and is active.
On the 5x3 chart based on the closing level only, there are two targets in focus. One at 1,250 and the other at 1,280. Similar picture, the bulls held that 1,310 level twice, managing to fend off the bears but the bears have managed to push through this level.
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