SPX breakout in making
SPXÂ is testing the long-term uptrend support and horizontal 4000. SPX briefly touched 4000 and went below. A continuation below this level and closing lower than 4380 in the coming days for a strong downside reversal confirmation.
The weekly chart shows a strong bearish candle that is testing now a strong confluence of the support, moving averages, and uptrend lines making this a final key downside resistance that needs to be broken and follow through as said in the monthly chart. A bounce from here will leave the SPX in the swing range potential between 4300 and 4600.
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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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