SPX is testing the downside resistance
It is testing the 3280 downside breakout resistance. For a downside reversal and a higher probability of the short trade entries, we need to see a confirmed break below 3250. A confirmed break below this level would lead to a downside extension and a test of 3100. The overall medium-term is an uptrend but we need to see a confirmed break above 3500 for an upside extension.
Note – We are inclined to short trade entries but only on a confirmed break below 3250. From here long swing trades are possible as well with tight stop loss below 3250
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