SPX Levels

The SPX moved in text book fashion to rally to downward trendline resistance and fall back down. The selling got pretty ugly and the close today took out yesterday's entire move up AND selling continued into Wednesday's bullish candle closing at 1330 today.

Person's Pivots predicts a support and resistance range of 1316 to 1357 on Monday with a slightly bearish bias.

News will likely be the driver Monday with the wild card being how the market decides how to act prior to Tuesday's Fed Announcement.

So far the price action is moving within what the charts are telling us. Keep your eyes on the support and resistance areas for clues on the next direction.

SPX Daily Chart: Notice how it smacked the downtrend line and fell. This was a low risk entry to trade the downside.