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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.  Trade safe.

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