Even though I couldn't trade yesterday, I was reviewing a lot of charts last night and when I saw $SPX it looked very intriguing...
The last few days there has been a lot of consolidation, and it is very difficult to trade successfully in that type of market. There are a lot of outside factors that could potentially affect the market as well, including the whole Taiwan situation.
$SPX ended the day yesterday red, under VWAP and rejected a major daily level of that 4140. HOWEVER, it also got support from that 4082 level, it has been lowering volume on lowering price, has sort of a inverted hammer look to it, and also a bit of a bull flag look. All of which make this a bit bullish of a chart IMO.
Wait to see how the first few minutes of the day play out before making any plays.
Key levels for 8/3:
Bull zone: 4107-4116
Target 1: 4124
Target 2: 4144
Target 3: 4152
Bear zone: 4074-4066 Target 1: 4057
Target 2: 4038
Target 3: 4030
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