Implications and Outlook
Last week the SPX cash Index for the short term rose to its highest price level since January of this year, However, the cash index pulled back during Friday’s trading session sell-off to conclude the week lower slightly.
SPX may show a lack of direction in early trading on Monday. Nevertheless, the major SPX cash index is currently pointing to higher prices going for Key Resistance 2858, which ultimately will open the door for addressing outer Index Rally 2875.
On the flip-side, the intermediate-term, Mean Support 2797 will be a significant downside target, as well as newly developed Index Dip 2809.
Last week the SPX cash Index for the short term rose to its highest price level since January of this year, However, the cash index pulled back during Friday’s trading session sell-off to conclude the week lower slightly.
SPX may show a lack of direction in early trading on Monday. Nevertheless, the major SPX cash index is currently pointing to higher prices going for Key Resistance 2858, which ultimately will open the door for addressing outer Index Rally 2875.
On the flip-side, the intermediate-term, Mean Support 2797 will be a significant downside target, as well as newly developed Index Dip 2809.