Looking the SPX chart I used the 200 SMA (1W), 400 SMA (1W) and the volume profile to see where support zones are.
The 200 SMA has proven a valuable indicator in recent years as a 'bottom metric'
There seems to be confluence to some nice volume at this area as, obviously, a lot of people know this.
The 400 SMA also very interesting as it supported the price during the '20 crash. The volume at this area is massive compared to the volume correlated to the 200 SMA which begs the question,
is the 200SMA going to hold as support this time?
The 200 SMA has proven a valuable indicator in recent years as a 'bottom metric'
There seems to be confluence to some nice volume at this area as, obviously, a lot of people know this.
The 400 SMA also very interesting as it supported the price during the '20 crash. The volume at this area is massive compared to the volume correlated to the 200 SMA which begs the question,
is the 200SMA going to hold as support this time?
Comment:
SPX price currently testing the floor of the previous level and not breaking the resistance as of yet. Daily chart suggests weakness in the coming days and we may see the 200 SMA being tested in the coming week with a possible bearish target between 3200-3300 usd