The sell signal in SPX is now confirmed. This Broadening Wedge has an average target of 1200.00. I expect to see a minimum 30 point drop from here. Very likely the decline will take SPX to its Intermediate-term support at 1460.14 or to the hourly Cycle Bottom at 1458.34. Both of these supports are rising quickly, so we’ll have to keep that in mind as the SPX probes for its next bottom.
The VIX has also broken to the upside, confirming its buy signal. Intermediate-term resistance and 50-day moving average resistance are very close, so we may see a gap up through both at the open tomorrow.
Good luck and good trading!
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