Sharing my S&P500 chart.
The
SPX
was recently rejected a tthe same 4100-4200 range that served as support turned resistance in the previous idea from April '22.
Seems many market participants were expecting the inverse head and shoulders like structure to play out, but time is running out for a successful retest and bounce. The 3900-4000 range in red will prove pivotal over the next few weeks as the market adjusts to the recently accelerating upwards treasury yields, see
TNX
and
TYX
.
With the dollar having found short-term support, if the
DXY
's move proves to hold, the market is in danger. For reference:
DXY:
SPX/DXY:
The
SPX
was recently rejected a tthe same 4100-4200 range that served as support turned resistance in the previous idea from April '22. Seems many market participants were expecting the inverse head and shoulders like structure to play out, but time is running out for a successful retest and bounce. The 3900-4000 range in red will prove pivotal over the next few weeks as the market adjusts to the recently accelerating upwards treasury yields, see
TNX
and
TYX
. With the dollar having found short-term support, if the
DXY
's move proves to hold, the market is in danger. For reference: DXY:
SPX/DXY:
