Refer to the chart for two potential scenarios in the SPX:
Bullish Scenario: A break and sustained hold above 6100 could confirm an upward move.
Bearish Scenario: The current level may act as resistance, leading to a gap fill at 6050, followed by a retest, offering a strong shorting opportunity targeting 5750-5850.
Bullish Scenario: A break and sustained hold above 6100 could confirm an upward move.
Bearish Scenario: The current level may act as resistance, leading to a gap fill at 6050, followed by a retest, offering a strong shorting opportunity targeting 5750-5850.
Trade active
Partial profits are in the bag. Next trim target is the 5800-5750 range. The real question is: does the market feel like filling the gap?Note
in the green box now - filling gap -- Hmmm. Trade closed: target reached
Both bullish and bearish scenarios have played out. SPX hit 6147, right in line with my projection that holding above 6100 would target 6145. The downside targets were also achieved.Price is now trading below the green box low from the chart analysis. A daily close beneath 5800–5776 would be a key bearish signal. Bulls need to reclaim 5800 and hold it as support, while Bears are looking for that level to confirm as resistance.
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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.