Monday, March 15, 2021

SPX Update: Keeping It Simple

Last update noted the options; today we're going to keep it simple and give our attention to the next trend lines.  We'll start with the near-term chart, and some relevant downside zones, then look at the upside zones in the second chart:

To the upside, we have overhead channel resistance:

Bigger picture, bulls held the level bears needed (noted on March 5), and managed new all-time-highs rather quickly from that key support zone:

In conclusion, the next zones to watch seem to be fairly clear.  We're still in territory where a standard fifth could end, BUT an extended fifth rally could occur instead... so we're taking it day by day until the market reveals its intentions become more plainly.  Trade safe.

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