SPX is sitting at the key price level. It has a strong resistance above it and in recent times it has dropped from this level 4 times.
During last drop it took half bars to recover all points which shows accumulation.
I certainly don't expect that this resistance can be broken this week but looking at the recent action, it seems like its long due now. We may see little drop from this range but it seems like it will recover it fast. If it falls back it should not fallback under 1220 level if we are expecting it to jump higher.....
During last drop it took half bars to recover all points which shows accumulation.
I certainly don't expect that this resistance can be broken this week but looking at the recent action, it seems like its long due now. We may see little drop from this range but it seems like it will recover it fast. If it falls back it should not fallback under 1220 level if we are expecting it to jump higher.....
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