I thought the market might hold the SPX 50 dma, but that quickly failed.
Friday’s trade began with a breach below the SPX 50dma. Failure to move back above the previous day’s support set up a lower pivot that should be shorted. The drop stalled at the day’s pivot low with little bounce. Look for a trend day, because of the 50dma breakdown.
Long-term SPX 500 trendline comes into play here.
