$SPX 60 Minute: Price takes another firm test of the lower channel line on Friday. Price has yet to show any kind of bottoming structure so we could get more downside, but we are over sold short term?
$SPX Daily: Price is probing the cross of the bottom channel line and price support in blue. I think we take another test of that area early next week. It will be interesting to see if this support zone holds!
$SPX Weekly Non Log: The weekly chart was driving the show last week. A little divergence on the RSI and price sliding lower. The lower BB is the first target. Second target is the uptrend line if needed. In either case, the daily support lines might not hold.
JNK: Finally, we have a more serious break down in the JNK. This is the risk on or off trade. Price falling below the lower BB with widening BBs. Divergences everywhere seems to be finally pressuring price and the RSI has room to support lower price.
$VIX: Price and the RSI stuck in a range!
My Watch List: The market has done an excellent job of disguising itself the past few weeks and there are few if any charts I'm really excited about. So, I'm more focused on watching the market and waiting to see how this down move plays out!
From My Trading Desk: No Trades Friday, just keeping it light for now.
J.D. Rosendahl, Rosey