The SPX is holding above the 2079.11 support level and it is still maintaining a higher low price pattern. Although today’s price action felt somewhat dire, but the 2079.11 level remains to be the near term potential support and the 2108.86 continues to be the potential near term resistance. The key support level to watch is the 2063.52. It could trigger a move to test the 3/11/15 close at 2039.69 if the price moved below the 2063.52 support level.
SPX
(click on the chart to enlarge)
The SPY was able to close above the 207.95 support level and filled yesterday’s price gap. Until it breaks below this support level, the overhead resistance levels remain to be 211.63 and 211.99.
SPY
The Nasdaq 100 was the worst performer. It closed above the 4506.19 support level at 4513.99 with a loss of -59.12 or -1.29%, and filled yesterday’s price gap. Until the price has broken below this support level, the 7/22/15 price gap remains to be the potential upside target. The 7/13/15 price gap continues to be the potential support zone if the price falls below 4506.19.
NDX
The Russell 2000 closed at 1211.14 with a loss of -11.54 or -0.94%. A revised Fibonacci retracement using 7/16/15 and 7/28/15 as the pivot points shows the -141% extension is confluence with the 2/2/15 price gap. This price gap at 1175.51 could be the next potential support level if the RUT breaks below the 1200.74 support level.
RUT
As this is being posted, the overnight index futures are down another 1% or more and approaching some of the potential support levels. Just a reminder, cash is a position.
