The bulls were able to kick save a 50-point gap down open yesterday and only close -5 for the day.
They are trying to follow through from the 90+ gain Monday and yesterday’s kick save with a 20-point gap higher open.
It does appear the spx will be testing yesterday’s highs near the open and if they succeed, then we should see a quick move up to the 3839-ish resistance.
If they can get above 3837, then 3900/3958 would be the next upside targets.
The bears need to get the price back below 3709 to see momentum pick up on the downside.
For today, the bulls need to get the price back above 3801 for a reaction trade up to 3839/3855.
The bears need to get the price below 3709 for a reaction trade down to 3665/3640. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3801 R2-3839 R3-3855
Support Pivots: S1-3709 S2-3665 S3-3640
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