SPX500 Gap Trap Post-Nvidia
The S&P 500 rebounded off confluent support last week at 4343 and the focus is on this recovery within the confines of the July downtrend. the post-Nvidia earnings gap was quickly filled today with Jackson Hole on tap. . .
Initial resistance eyed at 4471 backed closely by 4503- rallies should be limited to this threshold IF price is heading lower here. Ultimately, a breach / close above the yearly high-day close at 4537 would be needed to mark resumption of the broader uptrend.
Initial support now rests at the August low-day close at 4369 with a close below 4343 needed to mark resumption towards 4296-4305 (38.2% retracement / August low-day close)- look for a larger reaction there IF reached.
Watch the weekly close here.
Initial resistance eyed at 4471 backed closely by 4503- rallies should be limited to this threshold IF price is heading lower here. Ultimately, a breach / close above the yearly high-day close at 4537 would be needed to mark resumption of the broader uptrend.
Initial support now rests at the August low-day close at 4369 with a close below 4343 needed to mark resumption towards 4296-4305 (38.2% retracement / August low-day close)- look for a larger reaction there IF reached.
Watch the weekly close here.
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