NFTRH 760 used a weekly chart, so today let’s dial in the daily view for some good perspective on the current situation. While we are open to a rise all the way to 4800 if the red resistance line and the August high of 4325.28 are taken out, the fact is that SPX resides below that marker and is thus still in the preferred resistance – and potential topping – zone.
It’s got a gap from last week at 4232 that could fill without breaking the index. The 50 day moving average is rising toward clear lateral support at 4200 (+/-). If that were to break down a solid correction, if not the end of the bear market rally, could take place. Meanwhile, it’s technically bullish but lurking below a very key decision point.
