The 08/30/22 post noted a potential Cup with Haandle formation.
The SPX never moved above the bullish break out point at 4072 and subsequently broke below the low of the supposed formation triggering more downside action.
The SPX low on 08/30/22 was just above the Fibonacci .618 retracement of the 07/14/22 to 08/16/22 rally. This is important support.
There's also a secondary Fibonacci support level. The length of the SPX 06/28/22 to 07/14/22 drop multiplied by 1.618 equals the drop from 08/16/22 to 08/30/22.
This is almost an exact hit of the 08/30/22 bottom.
Also note the signioficant RSI bullish divergence.
If support at SPX 3954.00 is not broken a multi-day rallly may have begun.
Mark
The SPX never moved above the bullish break out point at 4072 and subsequently broke below the low of the supposed formation triggering more downside action.
The SPX low on 08/30/22 was just above the Fibonacci .618 retracement of the 07/14/22 to 08/16/22 rally. This is important support.
There's also a secondary Fibonacci support level. The length of the SPX 06/28/22 to 07/14/22 drop multiplied by 1.618 equals the drop from 08/16/22 to 08/30/22.
This is almost an exact hit of the 08/30/22 bottom.
Also note the signioficant RSI bullish divergence.
If support at SPX 3954.00 is not broken a multi-day rallly may have begun.
Mark