Friday, June 9, 2023

SPX Update

On Wednesday, SPX back-tested its breakout over the red trend line that I mentioned last month:

That red trend line has shown itself to be near-term support so far.  Next overhead resistance is still 4326.  And while one can never comfortably assume that resistance will fail (or that support will hold), if SPX is to reach the common C=A outcome, then it would still need higher prices.  Thus the near-term outlook is unchanged. 

In conclusion, bulls still need to claim horizontal resistance (4326), but so far, anyway, SPX appears to be on track to do that.  Of course, if bears were to whipsaw the recent breakout with authority, then they would gain more near-term hopes.  Trade safe.

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