This week we saw S&P futures touched the 1064 - 1062 area & then it rebounded.
Volume was low & the rebound may be due to short covering.
With no major economic news on Monday, there is little reason for markets to rally or take a direction. Since all indicators are pointing towards a bearish trend & the sentiment being negative, let us see if S&P will retest the 1062 support area.
The image uploaded here is the daily chart for SPX.
Now, if we plot the HA chart & draw the Fibonacci lines, notice that it bounce up after touching the 50% line. So the next targets on either side can be interpreted based on the directional movement.
In meantime, 1056 seems to be a highly likely target below the 1064 line.
Hopefully, there will be some announcement of a stimulus package, after all this is an election year !
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