VIEW : FAVOR SHORT TRADES
IMPORTANT LEVELS : 1818-1832-1843-1849
The current price action in SPX makes us believe that the downward correction is incomplete and we should anticipate another leg down towards 1818-20 where the 38% Fibonacci retracement is. This will be confirmed once prices break below important support level at 1832. Otherwise we could see this sideways trendless move continue for some more days. The longer term trend remains up and this should not be overlooked. This means that new highs should be expected and short positions should be favored only when support levels fail to hold.
Concluding we remain bullish above 1832 which is our stop reverse price level. Important support is found around 1820 where the correction could end.