ā¢ The index hit our resistance at the 21 ema, and it couldnāt break it; ā¢ On the other hand, the 3,818 is a key support area, which is preventing a further drop to the 3,744 (next technical support level, green line); ā¢ As long as the index remains between these two key points, itāll be in a āno manās landā, moving erratically while we donāt see any good technical breakout indicating a possible bullish reversal or bearish continuation pattern; ā¢ Thereās another key point at 3,911, which did work as a support/resistance multiple times since July 2022. If SPX breaks this key point, it might easily retest the 4k again, possibly breaking it; ā¢ The 3,744 plays a similar role, but to the downside, as if the index loses this key point, we might see a continuation of the bearish sentiment to lower levels; ā¢ For now letās keep these key points in mind. Iāll keep you updated on this.
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