SPX pulled back -0.69% this week after getting rejected by the highlighted trendline resistance. At the current juncture, SPX remains above its rising 10/20-day moving average as it remains inside the month long uptrend channel, below its medium term downtrend line.
The resistance to reclaim for further positivity in the market is at 4,080, the current declining 200-day moving average level.
Bull Case: Reclaim above 4,080, the current declining 200-day moving average level.
Bear Case: Breakdown of 3,850 level, breaching its rising 10 & 20-day moving average. Next support at 3,700 level.