$SPX - Market Analysis for Sep 26th, 2018

Sep 26, 2018 - 2:43 PM EDT

Alright, near-term setup seems to be gaining a bit more clarity. So far important resistance at 2930 as the .618 retrace has held to keep the blue b-wave in contention. However, I am willing to consider the recent high into that resistance as wave a of the 5th higher in the ED that I was previously tracking. That would place support for wave b between 2924 - 2920 that bulls do not want to give up.

$SPX - Intraday - Sep-26 1141 AM (5 min)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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