Buyers stepped in at $1480 after sharp drop after Fed rate decision. Long lower wick tells us buyers aren't afraid to buy the dips.
You see a failed break lower from the wedge. Price has broken back above the wedge leaving us more of a sideways range. $1515 is resistance.
Currently in previous chop zone $1495 0.146 Fib level which has been a battleground. The blue dashed line I've mentioned before in the past, channel resistance on the weekly chart dating back to the 2015 high. Currently sits around $1530 and is a level bears will be looking to defend. You can see 1) 2) large bearish engulfing candles on previous attempts to break above.
Holding my long position because I don't see much downside below $1480.
Just when it seems like SPX will never drop, it will and we'll get that shift to risk off sentiment.
You see a failed break lower from the wedge. Price has broken back above the wedge leaving us more of a sideways range. $1515 is resistance.
Currently in previous chop zone $1495 0.146 Fib level which has been a battleground. The blue dashed line I've mentioned before in the past, channel resistance on the weekly chart dating back to the 2015 high. Currently sits around $1530 and is a level bears will be looking to defend. You can see 1) 2) large bearish engulfing candles on previous attempts to break above.
Holding my long position because I don't see much downside below $1480.
Just when it seems like SPX will never drop, it will and we'll get that shift to risk off sentiment.