The SPX is bouncing off the strong long-term support
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SPX bounced off 3500, which is a long-term cluster of support. This bounce and a break above the long-term falling wedge upside resistance 3650 could lead to a reversal higher into 4200 again.
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The weekly chart reveals a strong resistance of 3640that needs to be overcome for a reversal higher and a continuation to 4000. Now only a clear confirmed break below the 3500 could invalidate the upside reversal.
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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