The brown lines show a sideways channel at 2164-2185 in play. Price fell through the bottom rail and then recovered to back kiss the bottom trend line yesterday. The indicators are long and strong wanting to see matching or higher price highs once any pull back occurs in the hourly time frame so it appears that a test of the critical 200 EMA at 2169 is likely. Price will bounce or die from the 200 EMA and tell the story forward.
Key S/R is 2169-2171 (200 EMA on 60-minute 2169; September begins at 2171), 2164-2165 (price resistance 2164; 50-day MA at 2165), 2156-2157, 2152 and 2135. The SPX begins Tuesday at 2159.
During OpEx each week, stocks usually rally from a Tuesday low to a Wednesday high. The full moon is Friday and stocks are typically bullish moving through the full moon. 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.
Note Added at 2:28 PM EST on Tuesday, 9/13/16: Stocks take back Monday's gains. The SPX is printing at 2124 so it fell down through the support levels listed. From the SPX S/R article on the weekend, S/R in this area is 2135, 2131, 2129, 2126, 2123, 2121 and 2118. The 100-day MA is 2121 and the 20-week MA is 2123. Price is testing the critical 2123 level for a bounce or die decision.
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