By Licia Leslie
September 4, 2024
Hi Shoppers,
The S&P 500 (Ticker: SPX) has broken several levels of support before stopping at the gap created on August 15th:
So the top of the gap and yesterday’s low will be our first level of support at $5504 – $5501 or essentially $5500.
This is also where the 50 day moving average lies along with the 21 day moving average just below at $5488.
Filling that gap takes us to $5463.
Below there the red median line comes in at $5419.
I think we are going lower.
I would like to see a rally back to test my $5561 level and go short there.
We may not get the chance to sell that high so keep your eye on the five minute chart.
Thank You for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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