SPX500 Analysis
invezted.com
Context:
price remains in its range with support beeing 2043 and resistance at 2134
its building a cause for the next move , depending on the change of supply and demand
Location:
Price currently resides at the "mean" of the range at 2090 one could say we trade at "fair" value
and these locations usually mean chop , also they give further insight on the future course
ie. on a rejection to the downside we will visit support again and vice versa
Price Action
Price is in a decline from the resistance level and currently formed a minor range between
resistance 2095 and support 2080 , whereas we broke to the upside and currently retest the broken resistance
Conclusion:
as we broke resistance at 2095 and currently retest this level again , one can be on the lookout for a long setup.
should price trade back into the range the next chance for a long play would be at the mean 2088 , however as
we are still in chop country , one should rather wait for price to hit the extremes ,
support:
2080/88
2060
2040
resistance
2100
2115
2135
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