$SPX - The Only Way Out is Through
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Price broke out above a resistance trendline on the daily and has been consolidating in a range testing both sides. Trading in a consolidation range can be difficult if you don't recognize it for what it is. It's easy to get trapped on both sides of the market and anywhere in between. While the higher lows are still holding, I prefer to buy on dips near support or on a false break of support. This helps keeps risk lower and probabilities high of a trend continuation. Eventually, price will break through the range. Patience and discipline are key.
I can see further testing to the downside around
4,050 - 4,000. This would attract more buying needed to push up toward the 4,200 - 4,400 resistance area.
Multiple higher timeframes are in a downtrend. This would be a necessary rally in a downtrend to break the 2022 support low and take it back to the 2020 monthly wick low.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
I can see further testing to the downside around
4,050 - 4,000. This would attract more buying needed to push up toward the 4,200 - 4,400 resistance area.Multiple higher timeframes are in a downtrend. This would be a necessary rally in a downtrend to break the 2022 support low and take it back to the 2020 monthly wick low.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
评论
Updated daily R3 at $86.19. It could easily make that stretch.
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