Just a very quick post this morning as I needed to take my daughter to the orthodontist and only got back a few minutes ago.
A rare day yesterday with a strong decline sustained into the close, rare in itself but very rare on FOMC day. The wind may be changing. The bulls had to break back up over the middle band and totally failed to do that.
This break back below the SPX daily middle band delivers two downside targets. The first is possible range support in the 1990 area, with the daily lower band just below it at 1987. If that fails then the obvious next target is the 50% fib retracement of the move up from 1820,l and that is at 1957. SPX daily chart:
