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Blue line- resistance
Green lines- Fibonacci retracements
SPX is in a short-term bullish trend from the low of 3490 as it continues making higher highs and higher lows. Price remains below the blue downward sloping resistance trend line. Price has so far retraced 61.8% of the decline from the August high of 4324. The 61.8% retracement is a level we usually see trend reversals. As long as price is trading below the blue trend line resistance, bears will have the upper hand. In this upward movement the RSI has not reached overbought levels. Price has not tested the blue trend line. Despite recent pull back from 4042 to 3900, there is still upside potential towards 4100. But this is not enough for a bullish position to be favored with the current market conditions. Support is at 3700. A break below this level will strengthen bears and provide us a new bearish signal. Taking a look at the longer time frame we see SPX still forming lower highs over the last 12 months. Will this trend continue? Staying below the blue trend line will help bears retain control of the trend.
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