$S&P 500 Index (.SPX.US)$$SPDR S&P 500 ETF (SPY.US)$$E-mini ...

$S&P 500 Index (.SPX.US)$ $SPDR S&P 500 ETF (SPY.US)$ $E-mini S&P 500 Futures(SEP4) (ESmain.US)$
SPX similar to NDX did a high volume bullish close on Thursday and closed back above the 50ma and 50ema after the drop that sliced through those 2 supports on Wednesday sell off.

We bounced off the 4500 support which was mentioned in my video for SPY level at 454.

As SPY is still rejected at 459 resistance, we will have to wait for it to cross back above 464 to see any bullish momentum.

This could be a relief rally and continue going down to close the bottom gaps at 448, 443 and 438. Ichimoku Chikou span has also started to cross the price action and that can be a temporary bearish bias on SPY.

There is only 2 price levels you will need to monitor which is 448 support and also 464 resistance. If it breaks 448, we will be going much lower and if it breaks 464, you will have to switch back to the bullish mentality as ultimately we did retest the ATH of September and could be going for another leg higher from here.

As always, trade safe & invest wise!

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