SPX has made a weekly Key Reversal today, declining beneath last Monday’s low. There may be a probability of a bounce to retest its hourly mid-Cycle resistance at 1825.60, but so far it has not shown any inclination to do so.

This is the break that we have been looking for. If it chooses to continue its relentless decline, we may see the first bounce from its Cycle Bottom low at 1785.92…or possibly lower.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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