Sunday Prep 9/26 - $SPY/$ES We Finally Did It!

So we finally did it! For the first time in over a year, we broke the lows of the previous month. Always keep in mind that that alone is not enough to cause concern. Remember, it isn’t the pullback itself that matters. It’s what happens afterwards. I’m fully focused on the weekly chart. The first challenge for this coming week is to see if we can break back above last week’s highs. If we are able to do that, can we get back to ATHs? Or do we begin to roll back over and have the possibility for putting in a lower high on the weekly chart? If attempts at retaking highs start to fail, then we may have some cause for concern. But let’s at least give the author(price) time to tell us before we start to get all bearish. Bulls would want to see pullbacks towards the 4400 area hold as support. I do still like that 4364 area as well. As far as levels of resistance, the 20d/monthly pivot will be the first area I’d expect the bears to heavily defend. Above that is the quarterly pivot at 4512.25 which is also the area where the recent correction began from.

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Short Entry Triggered

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