SPX - The Three Days Chopfest is Heading North
Price remains above the 5DMA and the Moving Averages crossover is suggesting immediate bullish resolution.
As mentioned in the introduction of the latest weekend's newsletter which is open for paid and free subscribers, the $S&P 500(.SPX)$ is in bullish territory as long as it holds above $5280, same for $SPDR S&P 500 ETF Trust(SPY)$ above $526; and $Invesco QQQ(QQQ)$ above $449.
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It seems the price is targeting $5348. $Cboe Volatility Index(VIX)$ and other context indicators are helping the indexes.
RSI is entering to overbought zone, but price action has to confirm reversals, not yet.
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- smile000·05-22Good job on your analysis!LikeReport