Monday, April 13, 2020

SPX Update: Market Near Big Picture Resistance

Ended up spending a late evening with family last night for Easter, so short and sweet update this morning (3:00 a.m. here!)

Big picture, the last noted back-test held, causing SPX to rally toward next resistance:

Near-term, still some trend lines to watch:

It's worth mentioning that on March 25, I published a piece titled "All Downside Targets Captured," in which I noted that I (finally) had no more lower targets... and that final downside target has not only continued to hold ever since, but that call has led to a massive bounce:

In conclusion, SPX is near a potential resistance zone, so we'll see how it reacts to that.  First chart contains my current "best guess," but that is still subject to revision at this phase.  Final chart remains the preferred outlook, with new all-time-highs expected to follow the recent Covid crash, and the peak potentially arriving in late 2021 (+/-), which could then complete the entire bull market.  Trade safe.

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