To Bounce or to Sink?
US500 (SPX), failed twice to break the ATH, retested a couple more times and failed as well.
Now, what are we looking at?
The major support trendline has been moving through since 2020, alongside a resistence line as of Mid 2022. A minor support/resistence area is consolidated across the past 2 months (Zoom in to daily to identify it better).
I see it testing at the first yellow area (4620s), following the exact trend line, with the ema50 moving to join in at the point. Now if it breaks through, then is see it at the 4400s area, with a possibility of continuing down to the 4080s area (Why not?).
On a bullish side, and if it continues on the drawn trend lines (Both major and minor), and if nothing major happens globally, economically or whatnot, i see SPX breaking ATH, and settling at the 5150s - 5200s area.
This analysis is obviously for those looking for a long term hold rather than day trading/scalping, the chart is built on the Weekly frame instead of minutes. So i'd suggest you do your own analysis if you are looking for a smaller time frame.
US500
Now, what are we looking at?
The major support trendline has been moving through since 2020, alongside a resistence line as of Mid 2022. A minor support/resistence area is consolidated across the past 2 months (Zoom in to daily to identify it better).
I see it testing at the first yellow area (4620s), following the exact trend line, with the ema50 moving to join in at the point. Now if it breaks through, then is see it at the 4400s area, with a possibility of continuing down to the 4080s area (Why not?).
On a bullish side, and if it continues on the drawn trend lines (Both major and minor), and if nothing major happens globally, economically or whatnot, i see SPX breaking ATH, and settling at the 5150s - 5200s area.
This analysis is obviously for those looking for a long term hold rather than day trading/scalping, the chart is built on the Weekly frame instead of minutes. So i'd suggest you do your own analysis if you are looking for a smaller time frame.
US500 
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