As you see, SPX is lazily moving sideways, within the 3800-4200 FIB range.
Keep an eye on BOTH those limits.
Notice the blue ascending support and the already achieved reversal of Parabolic SAR.
Moreover MACD seems supportive for a bounce later on, as well as Stoch RSI which is rising from oversold.
I can spot some bullish bias here, despite the fact confirmations are needed.
By simply holding above 3800, SPX may strengthen an ascending triangle hyphotesis, whose first target is the 4300 Aug '22 high before ATH general area (eventually, to be re-evaluated).
Filip of the coin: such scenario would be invalidated if ascending support fails on a monthly close.
Keep an eye on BOTH those limits.
Notice the blue ascending support and the already achieved reversal of Parabolic SAR.
Moreover MACD seems supportive for a bounce later on, as well as Stoch RSI which is rising from oversold.
I can spot some bullish bias here, despite the fact confirmations are needed.
By simply holding above 3800, SPX may strengthen an ascending triangle hyphotesis, whose first target is the 4300 Aug '22 high before ATH general area (eventually, to be re-evaluated).
Filip of the coin: such scenario would be invalidated if ascending support fails on a monthly close.
Note
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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.