A push above the 50 MA puts SPX in a recovery phase. The first pull up to the 50-day MA in a down trend usually meets with failure. If we get a recovery phase failure, look for a test of the lows. If we get a breakout and clear the 61.8 fib, the upper boundary of the rising wedge and the Ichimoku cloud, then a larger counter trend is forming that would carry the S&P 500 towards 3000-3100 and to the 78.6 % fib at 3136.
Bear market rallies are power. This one may terminate here should SPX get a reversal or the rally may be extended if we clear overhead resistance. Either way, we likely have bear market rally on our hands, that will come to an end in the not to distant future and resuming the downtrend. If we get a breakout, the rally will continue much higher, if we get rejection off resistance, look out below.
You can follow my charts here: stockcharts.com/public/1092905
You'll find my latest video here:
thechartpatterntrader.com/
Bear market rallies are power. This one may terminate here should SPX get a reversal or the rally may be extended if we clear overhead resistance. Either way, we likely have bear market rally on our hands, that will come to an end in the not to distant future and resuming the downtrend. If we get a breakout, the rally will continue much higher, if we get rejection off resistance, look out below.
You can follow my charts here: stockcharts.com/public/1092905
You'll find my latest video here:
thechartpatterntrader.com/