SPX
It was possible to slow down a downward correction, started in September, due to the support of the weekly golden cross. Currently, the upside players are trying to recover their positions
Today, they started testing an all-time high of 4500.00. If the upside players reach it, they will focus on the maximum extremum of 4550.55. Further, reaching the psychological mark of 5000.00 will be of key importance. In case sentiment changes and bullish performance again gives way to bearish sentiment, support may be noted at 4472.01 (upper boundary of daily cloud) - 4418.81 - 4410.39 (daily and weekly short-term trends).
On the lower time frames, the upside players at the moment take advantage of the situation to develop an uptrend. Resistance of classic pivot levels 4517,22 (R2) and 4545,79 (R3) serve as intraday reference points now. The nearest support is the central pivot level (4473,48). Besides, the key support level of the lower time frames is at a considerable distance today. This fact suggests that there are possibilities for development of a corrective decrease without changing the current balance of forces. Today, the weekly long term trend is located at 4401.48, it is possible to observe intermediate supports at 4458.31 - 4429.74 - 4414.57.
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In the technical analysis of the situation, the following are used:
higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
