SPX Daily TA Neutral Bearish
SPXUSD daily guidance is neutral with a bearish bias. Recommended ratio: 45% SPX, 55% Cash.
*On Saturday, the Chinese Foreign Ministry urged Chinese citizens still living and working in Ukraine to evacuate as soon as possible. In what Russia claims to a be a response to "acts of terrorism" on Russian people after the Crimean bridge bombing, Russia has now switched to include civilian buildings as attack targets after previously only targeting military property. Russia continues to position itself in ways that it can respond to "acts of terrorism", whether they use nuclear/chemical weapons to do so is now the question. Equity Futures are currently up while DXY and US Treasuries are down which means the week could potentially start with a bounce. Key Upcoming Dates: US September Building Permits and Housing Starts at 830am EST 10/19; 19th GDPNow US Q3 GDP estimate 10/19; S&P US October Manufacturing PMI at 945am EST 10/24; US October Consumer Confidence Index at 10am EST 10/25; US September New Home Sales at 10am EST 10/26; US Q3 GDP First Estimate at 830am EST 10/27; US September PCE Price Index at 8am 10/28; FOMC Statement at 2pm EST 11/02.*
Price is currently trending down at $3583 as it technically tests the weak descending trendline from July 2021 at ~$3623 as support after breaking back below $3658 minor resistance. Volume remains Moderate (high) and has favored sellers in six of the past seven sessions. Parabolic SAR flips bullish at $3766, this margin is mildly bullish at the moment. RSI is currently testing 38 support after forming a peak at the uptrend line from 01/27/22 at ~41 as resistance. Stochastic remains bullish for a second consecutive session and is currently trending up slightly at 60 after bouncing off of 48 support. MACD is currently on the verge of reverting to a bearish crossover at -85 after being bullish for two sessions, it it crosses below -87 it would be bearish crossover. ADX continues to trend up slightly and is now beginning to form a soft peak at 32 as Price is trending back down after the rejection at $3658 minor resistance, this is neutral at the moment.
If Price is able to bounce here and get back above the weak descending trendline from July 2021 at ~$3620 (as resistance) then it will have to close above $3658 minor resistance a couple of times before retesting the lower trendline of the descending channel from August 2021 at ~$3780 as resistance. However, if Price continues to trend down here, it will likely retest $3517 minor support and potentially lower to $3383 support. Mental Stop Loss: (two consecutive closes above) $3658.
*On Saturday, the Chinese Foreign Ministry urged Chinese citizens still living and working in Ukraine to evacuate as soon as possible. In what Russia claims to a be a response to "acts of terrorism" on Russian people after the Crimean bridge bombing, Russia has now switched to include civilian buildings as attack targets after previously only targeting military property. Russia continues to position itself in ways that it can respond to "acts of terrorism", whether they use nuclear/chemical weapons to do so is now the question. Equity Futures are currently up while DXY and US Treasuries are down which means the week could potentially start with a bounce. Key Upcoming Dates: US September Building Permits and Housing Starts at 830am EST 10/19; 19th GDPNow US Q3 GDP estimate 10/19; S&P US October Manufacturing PMI at 945am EST 10/24; US October Consumer Confidence Index at 10am EST 10/25; US September New Home Sales at 10am EST 10/26; US Q3 GDP First Estimate at 830am EST 10/27; US September PCE Price Index at 8am 10/28; FOMC Statement at 2pm EST 11/02.*
Price is currently trending down at $3583 as it technically tests the weak descending trendline from July 2021 at ~$3623 as support after breaking back below $3658 minor resistance. Volume remains Moderate (high) and has favored sellers in six of the past seven sessions. Parabolic SAR flips bullish at $3766, this margin is mildly bullish at the moment. RSI is currently testing 38 support after forming a peak at the uptrend line from 01/27/22 at ~41 as resistance. Stochastic remains bullish for a second consecutive session and is currently trending up slightly at 60 after bouncing off of 48 support. MACD is currently on the verge of reverting to a bearish crossover at -85 after being bullish for two sessions, it it crosses below -87 it would be bearish crossover. ADX continues to trend up slightly and is now beginning to form a soft peak at 32 as Price is trending back down after the rejection at $3658 minor resistance, this is neutral at the moment.
If Price is able to bounce here and get back above the weak descending trendline from July 2021 at ~$3620 (as resistance) then it will have to close above $3658 minor resistance a couple of times before retesting the lower trendline of the descending channel from August 2021 at ~$3780 as resistance. However, if Price continues to trend down here, it will likely retest $3517 minor support and potentially lower to $3383 support. Mental Stop Loss: (two consecutive closes above) $3658.
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