Yesterday the cash SP500 almost touched downside target #2 before bouncing. It did fill the gap of January 31/February 1. One way to use this support line is to deem the price action since February 18th as a correction within an uptrend until: 1) TDST Support is broken and confirmed; and 2) a buy setup is formed.
Whether a Correction or new downtrend, if TDST support can't hold then we watch the cluster of support targets between 1265-70. Also noted is that a 100% projection of the move down from 2/18 - 2/24 aligns with that area.
Bottom Line: The daily chart remains bearish with the Timeframe Mix at a +50% reading.
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