The market had the craziest day in years as the SPX plunged 100 points in a frenzy of panic before bouncing back to settle at 1128.15 almost a 40 point loss.
Going back to the technicals the market broke important support at 1150, which opened the possibility of further selling of the next level of support of 1140 the weekly & monthly 20 day moving average, both were taken out as the market fell all the way to 1065
After the panic selling stopped and the buyers jumped in, the market bounced back 62 points in the last hour of trading closing below the weekly 20 day moving average.
The chart shows the SPX closing at 1165.87 but that is incorrect, as most charts were overwelmed and messed up by the excessive volume triggered by the selloff and are still unreadable.
We have resistance at 1140 and support at 1125, after this frenzy expect some kind of a rebound, before the selling pressure resumes.
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