• The SPX is still trading at its key support level, just above the gap support at 3,818; • The trend is still bearish, and if it loses this support level, it’ll resume the bearish sentiment to the next support level, which is at 3,744; • However, the index is trying to bounce, as we saw some bullish reaction last week; • Any bounce would have to face a major resistance level around 3,911. The 3,911 is a key point that worked as a support and resistance multiple times in the past, and it is where the 21 ema is right now; • As long as the index stays between these key points, nothing new will happen; • Either way, I’ll keep you updated on this.
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