$SPX Trading Range for Today, August 7th 2024

SPX Trading Range for Today, August 7th 2024

Ok. Last night I feel asleep without getting the second part of my video done. I have been exHAUTed this past week but next week I will have more energy and a lot of sleep is on the books for me.

So today’s implied move is between 5170-5310
Tomorrow’s implied move 5145-5335

To the upside, look out to the 35EMA on the 30min timeframe. Look for signs of support and if we get above it than the target to the upside today on the day is 5310. The 4hr 200MA is at the very top of the implied move and it smacked us down yesterday. At the top of the trading range we have the rest of that bear gap from the gap we opened the week with.

To the downside, we have a bull gap from yesterdays gap up, the bottom of that gap is at 5186, and then the bottom of the implied move for today is 5170.
The WEEKLY 35EMA is our support and it’s just outside of the implied move and within tomorrow’s implied move.