SPX Basing for the Next Move

Likely make or break time.

Let’s first have a recap of yesterday’s price action. We had the .618 rejection and overnight, price had been setting up a bounce. When price ultimately recaptured $4.000, it took many traders by surprise, and we got a little squeeze. That squeeze rejected at $4.040, which was 68.5% retrace to the penny. This is a bearish rejection at a key level, and s…