Mar 11 TA

Posted on March 11, 2019 In Daily Charts - By Mike Valletutti

SPX vaulted above the 20 and 200 day MAs, bouncing perfectly off the Macro bottom range and MAX support levels 2720-2730. Seems like many were surprised with today’s bounce despite negative Boeing news, so that probably brings more upside as the charts have been fixed in one day.

Macro remains Overweight, and the fade from FV back to bottom of range is following the usual path. Model value probabilities favor a move back up to FV above 2820, followed by a breakout above FV to top of Macro range.