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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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Monday, June 15, 2020

SPX: In The Jaws Of The Alligator

As of today's close, the S&P 500 Index (SPX) is currently in the 'jaws of the alligator' -- Williams Alligator, to be precise, which is formed by three moving averages, each offset into the future -- as shown on the following daily chart.

All three moving averages are curling down and the upper one has just crossed below the middle one...hinting of further weakness ahead.  Today's low touched the lower MA, which roughly converges with the 23.6% Fibonacci retracement level. A break and hold below today's low of 2964.40, together with the crossing of the middle MA below the lower MA, could send the price down to the next Fibonacci retracement level (40%) at 2835, or even the 50% level at 2712.

Conversely, if today's high of 3080.20 (which is roughly the present level of the crossed upper and middle MAs) is broken and held, we could see the SPX push above the alligator's jaw and retest last week's high at 3233.13, or higher. Watch for the shortest MA to curl upwards, then the other two, to support higher prices.

The momentum indicator (MOM) has risen back above the zero level today. It's important that it remain above zero to support higher prices in the near term.