SPX: The third day sell off in a row sent SPX down closer to the support 1295.47. SPX closed at 1300.16. The intraday minute chart showed a dominant selling pressure which sent SPX from its bounce 1297.9-1309.85 back to 1298.69.
I saw from the chart for the last 5 weeks SPX was supported by the lower descending channel line and bounced upward for 2-4 consecutive up day after 3-4 consecutive drop day. If we believe that past could be repeated in future, we could expect a bounce up by today or tomorrow.
SPX is about to meet the 1295.47 support and may bounce up.
stockmarketwinner 