The SPX continued higher this week and closed above the June MTFZ~R @ 3111/3146 and the first quarterly resistance at 3183. This is the first close above a MTF resistance zone since February, and the continuation of the uptrend is subject to a successful test and hold above the MTF zone. Although the SPX is quite extended a consolidation above the MTFZ would be expected, but I would not rule out a strong continuation up into the quarterly resistance before the next significant pullback.
A note of caution displayed on the weekly chart below. The weekly 13RSI is just below 60. I have it at 59.66. No Bear market rallies exceed 13rsi 60. But, I will also note that strong bull market rallies off extreme oversold 13rsi </= 30 also stall at 60. Consider this level an inflection point over the next several weeks.
A continuation of the uptrend would take the SPX up into pivot confluence at the 5YR @ 3321, QR @ 3325 and the YR @ 3376. Any failure below the the MTFZ~R @ 3111/3146 would drop support to the YP @ 2974 and the MP @ 2960. Good Luck & Trade Safe.
SPX ~ Pivot Zones
SPX ~ Yearly Pivot Zones
gtoptions
Next Wave 
12 comments
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June 9, 2020 at 12:24 am
gtoptions
SPX is coming up on a weekly/monthly pivot confluence @ 3257/3262.
This may cause a reaction for a short or medium turn pullback.
https://www.tradingview.com/x/8M5XRPeS/
June 10, 2020 at 3:42 pm
kv
Hey, GTO. You were expecting the bounce to 3060 or so, then retest of the lows if I remember correctly. Do you think retest of the lows is out of question? Is market going to pullback to 50% from lows in your opinion? Honestly, I never saw this rally getting this high.
Cheers,
kv
June 10, 2020 at 5:44 pm
gtoptions
The next downtrend will be key. The Feb high to March low is one trend, the March low up till now has been one trend. If the SPX stalls out here or a bit higher just below the quarterly and yearly resistance +/-3320, with a downtrend that holds between the YP/2974 & 5YP/2768, then In my opinion the Bull is back on. Otherwise, if the SPX breaks below this level the higher the probability it drops back to the March low. Take care.
June 10, 2020 at 8:02 pm
kv
Thanks, GTO, always a pleasure discussing market trends with you. I have no doubt current uptrend is over or almost over, however its difficult to see where next downtrend bottoms. Support range you’ve described is quite something, 200 + pts. Let’s re-evaluate when and if we get there.
BTW, gold and silver look like they are about to take off, especially now with Fed pledging no hikes through 2022. BTW, next year GDP at 5% and no hike? I say, one out of two is baloney, tend to think its the GDP forecast 🙂
Hope all is well, till next time!
kv
June 10, 2020 at 8:27 pm
gtoptions
Agree, that pivot range is only a guide. If the bull is back on the pullback won’t go that deep. Don’t fight the Fed! 😜
June 11, 2020 at 2:29 pm
gtoptions
SPX is trading below the weekly pivot, weekly support is at 3053.
June 11, 2020 at 4:12 pm
swamper1
Looks like a bit of reaction at the 13rsi 60. Thx GT.
June 11, 2020 at 3:27 pm
Lee X
Thx GTO for the charts and clear thinking sir
Hey KV ! You spending any of those oil profits yet ? 😉
🇺🇸
June 11, 2020 at 7:41 pm
kv
Long gone, Lee 😦
June 11, 2020 at 7:57 pm
kv
The question if there is a bounce off of lows, otherwise tomorrow’s opening could be ugly.
June 11, 2020 at 8:11 pm
gtoptions
Weekly DT confirms today. Any reversal with close higher tomorrow would end the Short term DT. Could be the 1/a complete. Or, it could be like February and it just continues down unabated. We shall see. GL
June 12, 2020 at 6:42 pm
kv
Nice work, GTO!!! Your MP/YP worked like a charm. I am looking at the hwb retrace (MR around 3110-3130) Mon/Tue for a continuation of a downtrend.