S&P500 daily update

Railroad tracks forming now, which usually result in a squeeze move one way or another.

Upside probably contained by the 55ema at 1980
Downside would be the recent low at 1812.

2 inside days showing the current uncertainty.
OSC Buy Signal and T OSC Buy Signal.

Seems familiar to the bounce off the August low, the Buy signal setting up the next wave of selling.
Look to see if the rising Gann angle of the low holds up.

Looks like the previous split-centre double bottom T structure has produced an echo low last week.
(Notice just how accurate that T structure is)

First target, the black 55 ema re: September 17.

Short covering rally imminent. Look for close above 1886.

Wow what a day.

Was that the final sell off for this move? Personal I dont think so, but lets just see what happens.
We need a close above the Buy level (1892) to consider going long.

Looks like the market is stabilising. Do we get the Buy Signal to confirm?
Could get a rapid short covering rally for the first arm of the T structure.

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.

– Martin Luther King

Now looking at horizontal support at 1865.
Most of the signals are saying Bear Market so until this is resolved extreme caution is advised.

Not Quite a Buy Signal but looks likely.
Small T structure forming.