As long as the 4222 position is not effectively broke-out which means the daily level downtrend is not changed.
The previous low of 3764 will still be broken down, why?
Because there is a secondary consolidation at 3764, which did not form a strong bottom pattern, so it will fall below this position next.
As for whether the break is a new low, we do not have to guess, the trend will tell us the answer. If the fall has been weak and there is a clear backwardation, then the bottom appears.
On the 1-hour chart, the SPX is moving worse than I predicted yesterday
https://www.tradingview.com/chart/Yd7HzYxl/
I said yesterday before the session that it would move closer to the central, around the 250 SMA, which is 4040, on the way down, but yesterday it started to fall sharply just at 4020. And it broke the previous low.
Although there is still some data to come out today, the SPX is not looking good at this key position.
The previous low of 3764 will still be broken down, why?
Because there is a secondary consolidation at 3764, which did not form a strong bottom pattern, so it will fall below this position next.
As for whether the break is a new low, we do not have to guess, the trend will tell us the answer. If the fall has been weak and there is a clear backwardation, then the bottom appears.
On the 1-hour chart, the SPX is moving worse than I predicted yesterday
https://www.tradingview.com/chart/Yd7HzYxl/
I said yesterday before the session that it would move closer to the central, around the 250 SMA, which is 4040, on the way down, but yesterday it started to fall sharply just at 4020. And it broke the previous low.
Although there is still some data to come out today, the SPX is not looking good at this key position.
(link:SPX 30min chart)
There is a divergence on the 30min chart and the MACD red bars are shrinking in size, then a pullback is an opportunity to enter short.
Pullback directly into the pivot position (3060) this is very unlikely, the greater probability is to follow the way to go B and C, if the pullback break 3927, that the strength is still ok, if the pullback even 3927 did not break which means the rally is weak,then the next target position is 3830
Personally , I look forward to a pullback in the market, and then look for opportunities to go short.