SPX is testing the 4230 for a breakout higher
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SPX is testing the long-term resistance horizontally. We need to see a breakout above this 4230 with the confirmation for an extension higher and an upside continuation to a new high and a test of this sharp rising wedge 4400.
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On the weekly chart, we can see that SPX is strongly supported by the uptrend and support line of the rising wedge 4150. If we see a breakout below this line and level we could see a massive reversal lower to 3900. Price action must hold any possible breach of the 4100-4150 zone for the upside continuation.
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On a daily chart, we can see an ascending rectangle Already a member? This article is so good, it’s for premium members only.
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