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SPX ranging around 76 fib

Trading conditions have been pretty slow today with markets ranging. We're probably going to see momentum coming back into the market upon a breaking of the range.

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If we're in what will turn into a 76 rejection and a hard fall we usually will not go over the last high again. So this is a point where some stop losses can be adjusted to reduce the maximum risk. Usually if the market is going to break here it will keep setting lower highs and lower lows. Breaks usually coming in big candles through support.

https://preview.redd.it/vl5c717uwj481.png?width=1917&format=png&auto=webp&s=4f4265187fe3a66a818df5deda88702f55c0da05

If there was to be an upside breakout the next move up could easily get as far as 4850. So I'll be stopping out positions if we break over the 86 fib / make new high but currently holding short positions waiting to see if 76 breaks.



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