Going through the daily timeframe over the past few weeks and this has been an absolute nightmare of a consolidation range between 4160-4100.
It has been boring, no real big moves, which we normally were used to seeing at least 50-60 point moves a day on SPX. Lately it has been nothing of the sorts.
With that being said I put together a chart on what I think we could be looking at if we break bullish or bearish.
Today on May 17th, we ended at 4158, a 49 point move and over 1% gain on the day.
If bears want to keep control, they need it to stay under 4154, and in that consolidation zone
Breaking below 4099 would look to fill the gap to at least 4082
If we continue that bearish trend, it would test the 4150 area, then to 4030-4000
Bullish breakout over 4183 would attempt to fill the gap to 4218
A bullish breakout over the 4183 level would cause massive bullish momentum towards 4240