SPX - Clear View to All Time High? Not so fastGood morning nerds!
Alright, quick 5 minute update on SPX. There's a motto for the update today and that is "We are not out of the woods yet!"
We've seen a decent move the last two days off the 5400 test last Friday but even though it looks decent, a lot still needs to happen. We're still trading below the 21 day exponential moving average in a month that tends to be bearish or at least corrective. A bullish August into a bearish September seems to rhyme with prior price action from previous years.
Ideally a move back to test that 5400 level would be preferred before a move back to ATH, however if we happen to get back into the distribution zone before retesting 5400, then it's likely we will move to 5800 and probably higher. If we get back to 5322-5400 beforehand, then that 5800 target by EOY becomes more realistic.
You gotta let the market breathe and especially in these months, you need to be a little more conservative with your positioning solely based on the season that we are in.
