With SPX currently trending up it has 3 strong resistance levels to test.
I expect a rejection at one of these key levels:
Resistance 1: 2650 (38% retracement)
Resistance 2: 2800 (50% retracement)
Resistance 3: 2935 (62% retracement)
Many are trying to "buy the dip" in anticipation that the recent lows were the bottom. This bear market rally wont last as underlying economic fundamentals aren't getting better any time soon.
I expect a rejection at one of these key levels:
Resistance 1: 2650 (38% retracement)
Resistance 2: 2800 (50% retracement)
Resistance 3: 2935 (62% retracement)
Many are trying to "buy the dip" in anticipation that the recent lows were the bottom. This bear market rally wont last as underlying economic fundamentals aren't getting better any time soon.
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Related publications
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.