The SPX is persistently displaying a strong bullish trend in the current wave. However, it has started to show initial signs of weakness and facing major resistance. There are bearish divergences on daily and volume is not increasing on the rally days.
Key Levels: 4582 will be the key level for the week.
Bullish Trajectory: If bulls hold above 4582 it can run to March 2022 highs at 4637 and if it passes then 4650.
Bearish Trajectory: If bears hold below 4582 it will drop to 4545-4550 key level. If that does not hold then a drop to 4494-4500 is expected.
Note I have labeled 2 unfilled gaps below on the daily at 4443 and 4232
Key Levels: 4582 will be the key level for the week.
Bullish Trajectory: If bulls hold above 4582 it can run to March 2022 highs at 4637 and if it passes then 4650.
Bearish Trajectory: If bears hold below 4582 it will drop to 4545-4550 key level. If that does not hold then a drop to 4494-4500 is expected.
Note I have labeled 2 unfilled gaps below on the daily at 4443 and 4232
Trade closed: target reached:
Move to 4494 is now completed.