SPX broke the minor support at 1622.90 and has now gone back to retest it. The next support is the Cycle Bottom and 50-day moving average at 1610.00. SPX behavior here will tell us whether it will accelerate immediately to the downside or hesitate yet a few more days.
While SPX is testing a support line, VIX is testing its Cycle Top resistance at 18.25. The Head & Shoulders formation made its target and now we will move on to the next target…the Cup with Handle.
There’s no need for a lengthy pullback here, so we may see a breakout above resistance an the prior high later today.
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