Friday, December 11, 2020

SPX Update: A Chance to Exit Limbo?

Wednesday, SPX found itself again rejected by the long-standing intermediate resistance line on this old chart:

Frankly, lately I've been no fan of this market.  Sometimes the market can go months in a sort of limbo, and this has been one of those times.  Potentially that may be changing, but as of this exact second, there are still at least three near-term options to keep an eye on:

In conclusion, SPX was again rejected at intermediate resistance, but the market hasn't yet tipped its hand as to how lasting that rejection will be.  I think I'd prefer to at least see a trip toward the C2 zone on the chart above, but I can't promise much at the moment, so we'll take it as it comes.  Trade safe.

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