SPX Broke bullish Now What?
In the last SPX post, I started to doubt my bearish scenario of the index, by saying that the price looks bullish on the short term. Now that we've seen a short term pump to the resistance, I wanted to give an update.
Right now, the upper level of the resistance zone has been touched. This begs the question: Are we going to see a break of this resistance zone. If that happens, I find it extremely likely that the resistance of the channel will break aswell.
However, since we're at a resistance level, we have to be cautious about the following events. Right now i'll switch from bullish to neutral, because I want to see whats going to happen next.
Right now, the upper level of the resistance zone has been touched. This begs the question: Are we going to see a break of this resistance zone. If that happens, I find it extremely likely that the resistance of the channel will break aswell.
However, since we're at a resistance level, we have to be cautious about the following events. Right now i'll switch from bullish to neutral, because I want to see whats going to happen next.
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