SPX Daily Chart Fibonacci Retracements Channel Failure

The SPX fell out of the upward sloping channel. Price poked up thru the 62% Fib retracement a couple weeks ago but using a 76% retracement, which is a useful extension number to remember, targets 1444 where price topped. The 24% Fib on the bottom side is 1374-ish, which serves as the cliff edge for the markets, the 1374-1385 zone, that is where markets do not return if they fall thru.  The slope of the 150-day MA is one of Keystone's cyclical indicators, and it continues to move higher which keeps the bulls in the driver's seat, however, note that the 200-day MA is flat and may roll over now which would be bearish.

The indicators are all in a weak and bleak profile (red lines) which want to see lower lows in price even if a bounce occurs. The stochastics are not oversold as yet. Key SPX S/R is 1403, 1402, 1399, 1397, 1394.31 (150-day MA), 1394, 1393.62 (10-month MA), 1391, 1390.22 (200-day MA), 1388, 1385, 1384.53 (12-month MA Keystone's point of no return), 1384.03 (50-week MA), 1380, 1377 and 1375. Under that, 1366 is very strong support. If 1384.53 fails, it's ovah. Bulls will continue to have hope if the SPX stays above 1384.53. 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.