Wednesday, December 23, 2020

SPX Update

Last update noted that the C1 support zone was still the first zone bears would need to break, and despite a scary overnight collapse in futures, that zone held for both futures and cash.  That remains the first zone bears would need to get things going:

On the flip side, SPX continues to wrestle with near-term resistance.  On Monday, I noted in real-time (in the forum) when SPX reached 3703 that 3703-13 could offer resistance, and SPX has been stalled there ever since.  That, of course, doesn't mean it will never get through (almost nothing is permanent in the market).  In the event it does get through near-term resistance, SPX bulls must then sustain a breakout over intermediate resistance:

In conclusion, the next meaningful zones appear to be 3636 on the downside (near-term) and, of course, (still) the upsloping IT resistance line on the upside.  Trade safe.


On an ancillary note, Christmas is nearly upon us, and, as is now tradition around these parts, that means it's time to link to my (now legacy) piece:  A Christmas Story -- Reflections on What Matters

Friday is Christmas; next update will be Monday -- so I'll close out this week by saying:  Merry Christmas to all, and to all a good night!

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