Long term bullish uptrend with good conviction.
What I see here is at least a consolidation with a bullish bias for the larger part of 2025.
Price can be expected to hold and consolidate above 5520 support.
A breakout and close above recent graphical swing high at 6152.75 will confirm further upside towards long term year end target at 6850/6870.
Momentum indicators are bullish all around which isn't really impactful since the SPX is generally in an upwards trending pattern.
Alternatively,
Failure to hold above 5520 support and a breakdown followed by a monthly close below this support level could see a bigger drop back down to huge graphical overlap support at 4758/4760 level.
What I see here is at least a consolidation with a bullish bias for the larger part of 2025.
Price can be expected to hold and consolidate above 5520 support.
A breakout and close above recent graphical swing high at 6152.75 will confirm further upside towards long term year end target at 6850/6870.
Momentum indicators are bullish all around which isn't really impactful since the SPX is generally in an upwards trending pattern.
Alternatively,
Failure to hold above 5520 support and a breakdown followed by a monthly close below this support level could see a bigger drop back down to huge graphical overlap support at 4758/4760 level.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.