Tuesday 10 January 2023

S&P500 Index: Fighting hard to rebound from front Cloud Chart support zones: 3834/3889!

 S&P500 Index: Fighting hard to rebound from front Cloud Chart support zones: 3834/3889! 

S&P500 managed to rebound from the front Cloud Chart (CC) support zone of 3834, as well as old cloud chart support zone of 3889!  There is a major resistance zone at the bottom end of the cloud that the index need to break past! Price action below the cloud remains bearish! A key trend line resistance zone is also a major obstacle at 4021!  A breakout past that zone can lead to a rally to the top end of the cloud at 4153! 

Downside risk 3602 another old CC support zone! Critical month ahead for a rally past CC resistance!


Overall price action is bearish with swing trade opportunities to both the bottom of the cloud and the old cloud chart support zones!



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