The SPX regained ground above $4,700 in the past two trading sessions and is now testing resistance at $4,800. If the index breaks above the resistance and closes above it for at least two consecutive days, it will bolster a bullish case; a growth in RSI and Stochastic on the daily graph will also strengthen this case. However, a failure of the SPX to take a foothold above $4,800 combined with a spike in the VIX will raise our suspicion about the prospects of the SPX continuing higher. With that said, there is a release of inflation numbers in the U.S. today, which might cause markets to turn volatile, especially if the print will come in higher than expected. As a result, we are approaching the market very carefully.
Technical analysis
Daily time frame = Neutral
Weekly time frame = Neutral
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Technical analysis
Daily time frame = Neutral
Weekly time frame = Neutral
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
