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RocketTraveler

SPX Rejection of 0.382 Fib and Bear Flag Forming

Short
S&P 500 Index (SP:SPX)  
RocketTraveler  
SP:SPX   S&P 500 Index
Chart Patterns Trend Analysis SPX (S&P 500 Index) SPDR S&P 500 ETF (SPY) S&P 500 (SPX500)
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chartpattern trendanalysis spx spy spx500
SPX has rejected the 0.382 fib level from our Jan 4 high to our Jan 24 low. This often signifies a failed reversal attempt and buyer exhaustion, thus forming a higher low within the current downward trend.

SPX also appears to be forming a bear flag, further strengthening the downtrend thesis.

Stay frosty out there.

snapshot
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