Monday, June 12, 2023

SPX Update: If a Foodchuck Could Chuck Food

Since last update, SPX rallied up to a near-perfect test of the aforementioned horizontal resistance zone (4326) and stalled for the rest of Friday's session.  This is the last potential hurrah for Blue 2:

The next chart expresses my overall thoughts:

Finally, a reminder of the red trend line beneath the market:

In conclusion, SPX has tagged horizontal resistance, which is where Blue 2 lives or dies.  The second chart expresses my overall thoughts in more detail.  Essentially, while I'm open to either outcome here, as I said last update, at this point, Red 2 would be more common to see as a resolution, given what came before.  Trade safe.

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