Blue line -key resistance trend line
SPX is on positive territory after 4 consecutive negative sessions. With a low at 3,785, the index is now trading around 3,830 still below the key downward sloping resistance trend line coming from its January all time high. The index has so far been rejected three times when price reached the resistance trend line. A bounce towards the blue trend line will mean that price could reach 4,020 over the coming days. Who will prevail this holiday season? Bears have the upper hand in the medium-term but bulls in the near term. One thing is certain, the resistance at 4,020 is very important.
