top of page

SPX Chart From May 17th Still Holds True

I posted a blog about SPX on May 17th and this was the chart.

Purple was a gap to fill. But the long and short triggers alongside the consolidation zone is holding true.

We have since hit that long trigger and surpassed the gap (kind of after a retreat in power hour) to head towards the first bullish target zone.

You can see we got over the initial bullish trigger, then got support off that 4169 level for the next move to the upside.

With the debt ceiling vote coming up it will be very interesting to see if we are going to continue with the bullish trend.

The only thing that I'm hesitant about is the fact that yesterday on May 31st there was a HUGE increase in volume. Both buying and selling pressure, but the day ended red. I'm cautious that this could be setting up for a potential bearish move to catch retail in long positions.

Be careful out there. Brick By Brick.

12 views0 comments


bottom of page