The SPX (S&P500 Index) price is attempting to breakout above $4000, as earning season kicks off on 1/17/2023.
Bullish scenario: Inverse Head-and-Shoulder price pattern breaks out above $4000 resistance neckline zone. Resistance targets would then be $4085, $4300, $4600.
Bearish scenario: Double-top price pattern rejects price and drops back down to $3900, $3800, $3600. The bottom of the yellow descending wedge trendlines could be an area of support.
Note: be aware of any corporate earnings, breaking/global/fundamental news that could override technical chart setups. Fibonacci retracement levels were selected from 3/2020 to 1/2022.
Hello there thanks for the analysis, I agree with your bullish bias. I think we pretty much have the same idea! I am looking to buy and looking to take profit at 4325.28, where the previous swing high is. Please consider my suggestion: