Wednesday, February 10, 2021

SPX Update

Last update noted the overhead confluence as the next near-term target, and SPX has since wedged itself right into that confluence:

The current move is also challenging a "sneaky" trend line on the daily:

Bigger picture, no change:

In conclusion, SPX is challenging a sneaky resistance zone, so we'll see if bears put up any sort of fight there.  We are into a zone where the current presumed fifth wave (of the rally since the September low) could be nearing completion (if it doesn't extend), so we'll stay alert if any impulsive declines show up.  Trade safe.

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