SPX at a Key Inflection Point. 2/1 will be very telling
With a strong close by the bulls today, 
SPX finds itself at a key inflection point.
Today closed right at the 0.5 fib level from our Jan 4 high to our Jan 24 low. Coincidentally, the upper bounds of our ascending channel also lies around this price level.
If this is truly a lower high and a continuation of a bear trend, I would expect a rejection of this level into tomorrow's trading hours. This would provide further credence to the idea this is a bear flag
If the bulls take control and bust through the 4500-4530 level, it is increasingly possible the correction is already nearing its end. Watch 4600 for additional major resistance and confirmation of trend.
Stay frosty
https://www.tradingview.com/x/zthdPRu9/
SPX finds itself at a key inflection point.Today closed right at the 0.5 fib level from our Jan 4 high to our Jan 24 low. Coincidentally, the upper bounds of our ascending channel also lies around this price level.
If this is truly a lower high and a continuation of a bear trend, I would expect a rejection of this level into tomorrow's trading hours. This would provide further credence to the idea this is a bear flag
If the bulls take control and bust through the 4500-4530 level, it is increasingly possible the correction is already nearing its end. Watch 4600 for additional major resistance and confirmation of trend.
Stay frosty
https://www.tradingview.com/x/zthdPRu9/
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.