Friday, January 8, 2021

SPX Update: IT Breakout

SPX has been fighting with IT resistance for months now, but finally seems to have cleared it.  Bears would need to whipsaw this breakout to maintain any hopes for the immediate future.

Near-term, SPX has finally spasmed its way up to capture the "if this is a third wave" target from mid-November:

In conclusion, after months of sideway-up consolidation, if SPX can sustain this breakout, it could be reasonably bullish for the foreseeable future.  Bears will need to whipsaw it fairly directly if they wish to keep themselves in the game.  Trade safe.

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