In recent weeks, SPX showed signs of excessive FOMO, and a pullback into a key level was expected. That pullback happened, but SPX has since partially recovered.
On the Monthly chart, the pullback appears minor.
The Weekly chart shows price dipped below a key black level briefly before rebounding.
Key Points Going Forward:
Monthly Close needs to be above the 1.21 level to position SPX for future upside.
Even with a strong Monthly Close, a volatile retest or deeper pullback in July remains possible.
For a bullish outlook, SPX must Weekly Close above 1.21 level and turn it into support.
I think we will get there :) ATH loading
On the Monthly chart, the pullback appears minor.
The Weekly chart shows price dipped below a key black level briefly before rebounding.
Key Points Going Forward:
Monthly Close needs to be above the 1.21 level to position SPX for future upside.
Even with a strong Monthly Close, a volatile retest or deeper pullback in July remains possible.
For a bullish outlook, SPX must Weekly Close above 1.21 level and turn it into support.
I think we will get there :) ATH loading
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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.
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.