Wednesday, October 23, 2013
SPX Monthly Weekly and Daily Charts All Violating Upper Standard Deviation Bands
The SPX monthly, weekly and daily charts all tag their upper standard deviation bands. Once this occurs, a move to the middle band, at a minimum, would be expected moving forward. For the daily this is 1701 and rising; for the weekly this is 1676 and rising; for the monthly this is 1507 and rising. The 1706 level is strong support and serves as an initial downside target. Price typically moves to the opposite band after the middle band is touched. Bulls will be hoping that the drop stops at the middle band. Note that the lower band on the monthly is 1256 and rising. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.