S&P 500 (2H chart) @ 6 December 2022
Drilling down to the more granular 2-hour chart, it's clear that the S&P 500 is at another make-or-break situation...
- Index is testing the strong support (blue line)
- Index previously rejected two strong resistances:- (i) mid-term trendline (red line) and (ii) long-term counter-trendline (orange line)
S&P 500 @ 6 December 2022
- Rejection of strong counter-trendline (orange line)
- Last night, tested the previous Head-and-Shoulder's (blue line) Neckline (red line)
If Index rebounds from here (and there's favourable news from the FOMC meeting on 15 Dec), we will likely see a break of the strong counter-trendline (blue arrow). I would be bullish for the...
