SPX Observation
The monthly chart is showing price is attempting to retest old trendline support as resistance. 2008 when price broke below TL support 2003 thru 2008 price tested it as resistance will price try to retest it as resistance.
I do not know if the SPX will trade up to its old channel with summer starting in a few weeks, but if it does, I would look for resistance to short. Currently this level is around 2000.
My plan is to buy support with a tight stop as long as support holds. Support breaks will look to sell the market. I will admit, entering June I would not be surprised to see the SPX pullback and was thinking it would have already started. However, price is indicating it is trying to go higher and am not going to fight price action.
I do not know if the SPX will trade up to its old channel with summer starting in a few weeks, but if it does, I would look for resistance to short. Currently this level is around 2000.
My plan is to buy support with a tight stop as long as support holds. Support breaks will look to sell the market. I will admit, entering June I would not be surprised to see the SPX pullback and was thinking it would have already started. However, price is indicating it is trying to go higher and am not going to fight price action.
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