Friday, November 9, 2018
MTU Weekend Ed. - Structure Update (11/9/18)
SPX retraced to 0.618 of its decline and regained its SMA200 on Wednesday, retested the SMA200 on Friday and rebounded off it. (Chart 1)
The recent high is likely the first leg of rebound (red [a]) or the wave [c] of an expanded flat (blue 2 or B) (Chart 2). There are two gaps above and two gaps below. The nearest dynamic support is around 2733 and the nearest dynamic resistance is around 2795.
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