The SPX, Relief-Rally Incoming, Resistance Remains Present!

Hello,

Welcome to this analysis about the S&P 500 Index and the 2-hour timeframe perspectives. Recently the index managed to bounce initially in the structure in the 1400-EMA marked in red in my chart and is forming this main bull-flag-formation in the structure marked in blue from where an initial relief rally is now positive as the FED also firstly stopped with increasing interest rates. When the Index the next time manages to breakout out of the bull-flag-formation above the upper boundary this will setup the further impulse into the upper boundary nevertheless the index in this case still has a strong resistance-cluster marked in my chart where several crucial resistances are coming together. Paired with this remaining resistance and the FED potentially taking up increasing the interest rates again as well as decreasing the massive balance sheet this can lead to a pivotal pullback and in this case it will be highly decisive on how the Index reacts to the remaining resistance. If the index pulls back heavily off the resistance this can lead to a bearish continuation to the downside otherwise when the Index manages to remain in the structure and build up above the bull flag this can potentially also indicate a breakout above the upper boundary of the channel, for now it is necessary to await these major developments before moving to further conclusions.

In this manner, thank you for watching the analysis, all the best!

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: The S&P 500 continued with the major wave count within the whole range to finalize wave B with a strong upside bounce.

The S&P 500 since continuing with the major bounce within the whole range accelerated with the wave C dynamic reaching all of the final target zones.