Friday, March 18, 2022

SPX Update

Last update highlighted the next near-term resistance zones, and on Wednesday, SPX rallied up to the first highlighted zone, then reversed.  It did clear that zone on the second try and yesterday, it appropriately rallied into the second zone.  I have added a highlight for the third zone, which also represents the inflection zone (give or take a bit) of an optional intermezzo move, which I'll discuss if it becomes appropriate.

Do note that it's not yet a given that SPX will be able to sustain a breakout over 4416, as there is potential intermediate resistance here:

In conclusion, the near-term zones posted on Wednesday worked well enough.  SPX's next task is to try to clear the intermediate blue trend line, which could, in theory, put up a fight.  We'll see how today's session goes and have another look on Monday.  Trade safe.

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