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New SPX Trendline? Holding Strong

The old MOAT (Mother Of All Trendlines) was broken a few weeks ago. That trendline was holding steady since 2021.

After it broke out, it retraced, but then bounced back again. SPX has been in this consolidation area hovering around 4100 for what feels like an eternity now.

BUT there could be a new trendline that has been proving to be a stubborn SOB. 4 our of the last 6 days this trendline has rejected a potential breakout. We are going back and testing the 9 EMA on the daily chart, so tomorrow and Friday with earnings season starting should be pretty exciting.... or boring... bullearish

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