U.S. equities continue to move lower following the rising wedge breakdowns on Friday. Each horizontal line represents a support level where the odds for a reaction are elevated although regardless of the near-term zigs & zags, my expectation remains for a move to at least the critical support levels & quite possibly beyond.
Following Friday's break below the rising wedge pattern, the $SPX has now taken out the 1937 support level and will likely see at least the 1910 area soon although it is worth noting that the $NDX is currently trading at support where we could see a reaction. Despite the fact that the market has traded in a very choppy, albeit upwards range from the Aug 24th/26th lows until last Thursday, all of my trend indicators, such as the recently discussed intermediate-term & weekly long-term trend, as well as my short-term trend indicators remained on sell signals despite the recent oversold rally. The previous (posted Friday) & updated 60-minute charts of $SPX & $NDX below:
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