$SPX - Selloff Imminent

SPX hit horizontal resistance, and the SPX model is showing a deep red weekly bar next.

Next week, SPX is on pace to lose the last two weeks of gains with an selloff.  SPX support is located as shown.

60min Chart

$SPX - Big Picture Looks Positive

SPX has seen a 20% drop which does meet the minimum definition of a bear market.  Ironically just as the bear market has begun, a large bounce is coming next.

Weekly SPX is oversold now, much more so than in February, and that likely suggests the bounce will be fast.  SPX is testing the weekly 200 moving average which notably is rising.

People will need to adjust to a larger, faster paced market looking forward.

Weekly

Notice VIX lower high from February.  Recent VIX pop confirms SPX is bottoming now.

Weekly

$SPX - Downside Target

Selling appears to be nearing exhaustion.  The measured downside target has almost been reached.  The December leg down is likely to be at least as long as the October leg down.  Possibly a little deeper.  

Blue support is to be tested soon.  A strong bounce into January is likely from the low that is forming.

Daily

UVXY - Inverse Head and Shoulders

A spike up in UVXY may be imminent.  An inverse head and shoulders pattern has formed, and price is pressing hard on the neckline.

Breakout may occur soon.

Daily

$SPX - Short Term Levels to Watch

SPX looks to be forming a low in December, and likely to make a bounce into January.  A support is currently being tested.

Although prices may see lower yet with a potential test of the blue support, timing is coming due for a low and pop into January.  Weekly charts are close to turning up which means a month long pop is coming soon.

Daily

$SPX - Long Term Resistance!

SPX has turned lower off quarterly resistance.  The chart shows a relatively expensive market.  Thus a mild bear market is possibly beginning.  If that is the case, then SPX may lose all gains since 2016 as shown with a measured decline.

SPX has had a great run, but may be ready to retrace some of the gains.

Quarterly

SPX - Measured Move Target

SPX has risen to test resistance as anticipated.  Consolidation or minor dip at this level is to be expected.

The meltup is likely to continue soon.  A measured move target is shown, with heavy resistance in red.

30min Chart