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chriswheeler0
Oct 12, 2023 5:37 PM

SPX CPI Rejection- Bearish $4450 Rejection Short

US 500 IndexPepperstone

Description

My preferred view of SPX right now! Although we're showing signs of resistance currently, my expectation would be us continuing slightly higher into this heavy cluster of resistance around $4450. I don't see us easily surpassing this level.

I still find the $4000 area likely, as I'm watching for a second bearish wave before we see any real bullish continuation into 2024. My current target stands around $4100, as marked by the Fibonacci Golden Pocket- I could also see us dropping slightly below $4000, breaking April's lows. I'm prepared for any scenario surrounding these areas and plan to accumulate heavily around these levels.
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