SPX Daily TA Neutral Bullish
SPXUSD daily guidance is neutral with a bullish bias. Recommended ratio: 55% SPX, 45% Cash.
*CRITICAL RESISTANCE TEST. US Midterm elections take place in a little over a week (11/08) and markets are bracing for the FOMC statement on FFR at 2pm on 11/02. Equity Futures are down while Cryptos are mixed and seeing a case of the Sunday Scaries. The Nikkei 225 and Hang Seng are currently up so it gives a bit of hope to US equities in the morning. Russia continues with its pause on the Black Sea grain deal which puts food supply chains at risk in the coming months leading into winter. As Elon Musk's Twitter deal completes, Twitter is to begin charging $20 a month for the blue check (account verification). Brazil elects left-wing underdog Lula as President after serving two terms as Brazil's President from 2003-2010. Key Upcoming Dates: 2nd GDPNow US Q4 GDP estimate 11/ 01; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently breaking back above the 50MA and is trending up at ~$3900 after bouncing off of the lower trendline of the descending channel from August 2021 at ~$3790. Volume remains High (low) and has favored buyers in five of the past six sessions as Price tests the Point of Control (VP) at $3915 as resistance. Parabolic SAR flips bearish at $3600, this margin is mildly bearish at the moment. RSI is currently trending up at 60 after bouncing off of 52.68 support, the next resistance is at 68.42. Stochastic remains bearish in the "bullish autobahn zone" for two consecutive sessions and is completing a trough formation at ~89.5, it would experience a bullish crossover at ~90 where it would then likely retest max top. MACD is currently trending up at ~6.8 with no signs of peak formation as it approaches a test of 10.73 minor resistance for the first time since July 2022; it's also still technically testing the weak uptrend line from March 2020 at around -11.45 resistance. ADX is currently beginning to form a trough at 23 as Price pushes higher, this is mildly bullish at the moment.
If Price is able to keep pushing higher then it will likely formally retest $3938 minor resistance before potentially retesting the 100MA at ~$4100 as resistance. However, if Price breaks down here then it will likely test the 50MA at ~$3840 as support. Mental Stop Loss: (one close below) $3780.
*CRITICAL RESISTANCE TEST. US Midterm elections take place in a little over a week (11/08) and markets are bracing for the FOMC statement on FFR at 2pm on 11/02. Equity Futures are down while Cryptos are mixed and seeing a case of the Sunday Scaries. The Nikkei 225 and Hang Seng are currently up so it gives a bit of hope to US equities in the morning. Russia continues with its pause on the Black Sea grain deal which puts food supply chains at risk in the coming months leading into winter. As Elon Musk's Twitter deal completes, Twitter is to begin charging $20 a month for the blue check (account verification). Brazil elects left-wing underdog Lula as President after serving two terms as Brazil's President from 2003-2010. Key Upcoming Dates: 2nd GDPNow US Q4 GDP estimate 11/ 01; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently breaking back above the 50MA and is trending up at ~$3900 after bouncing off of the lower trendline of the descending channel from August 2021 at ~$3790. Volume remains High (low) and has favored buyers in five of the past six sessions as Price tests the Point of Control (VP) at $3915 as resistance. Parabolic SAR flips bearish at $3600, this margin is mildly bearish at the moment. RSI is currently trending up at 60 after bouncing off of 52.68 support, the next resistance is at 68.42. Stochastic remains bearish in the "bullish autobahn zone" for two consecutive sessions and is completing a trough formation at ~89.5, it would experience a bullish crossover at ~90 where it would then likely retest max top. MACD is currently trending up at ~6.8 with no signs of peak formation as it approaches a test of 10.73 minor resistance for the first time since July 2022; it's also still technically testing the weak uptrend line from March 2020 at around -11.45 resistance. ADX is currently beginning to form a trough at 23 as Price pushes higher, this is mildly bullish at the moment.
If Price is able to keep pushing higher then it will likely formally retest $3938 minor resistance before potentially retesting the 100MA at ~$4100 as resistance. However, if Price breaks down here then it will likely test the 50MA at ~$3840 as support. Mental Stop Loss: (one close below) $3780.
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