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In our last analysis on SPX we mentioned that a pull back towards 4075 was justified as long as price was trading below 4180. Breaking above 4180 would be a bullish sign that would bring price to 4200. The index broke resistance late yesterday and is now trading at 4234 having broken out of the sideways trading range it was in.
Red downward sloping line -resistance (broken)
Red lines - Fibonacci extensions
SPX is approaching our next target of 4244. Trend is bullish as long as price is above 4200. What was once resistance is now support. However chasing the bullish trend here is not advised as price has formed a long-term megaphone pattern that if confirmed, we could see a major reversal in prices.
Red line -lower megaphone boundary
SPX is making new all time highs. The RSI is not following. The RSI is providing major warning bearish divergence signs. The almost vertical rise in prices after the epidemic plunge, is impressive and very worrying. The megaphone pattern is a bearish pattern and traders need to be cautious if price turns below 4200-4120.
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