Testing Key Support

Testing Key Support

Yesterday’s promising start to the downtrend has continued today and brought ES & SPX down to test important trend support at the weekly pivot on ES at 2749 and the 50 hour MA on SPX now at 2751. SPX is trading about 4 handles below ES today.  A decent confirmation that support is breaking would be a fill of the open breakaway gap on SPX from 2738.97. It is, of course, possible that this support level won’t break, so bears really need to push down through this. Intraday Video from theartofchart.net – Update on ES, NQ, and TF:

Here’s the support shown on SPX. A break below opens a test of main rally rising support, now in the 2720 area. SPX 60min chart:

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