SPX ~ Weekend Update

The SPX remained well above the quarterly support at the October 31 low and has now reconfirmed the quarterly uptrend this week with the close above the September high. The SPX also broke above and so far successfully tested the monthly test/fail resistance zone and should continue higher as long as weekly support continues to hold in the coming days.

While the SPX is above the MTFZ~R and a continuation of the uptrend is expected, the QRZ at 3594/3652 and the 5YR at 3663 could stall this impulsive move. If the SPX breaks above the QRZ the next resistance confluence is at YR @ 3778, QR @ 3854 and MR @ 3862. Support is at the MTFZ~R @ 3509/3547 and the MP @ 3351. Good Luck & Trade Safe.

SPX ~ Pivot Zones

SPX ~ Weekend Update

The SPX failed to hold weekly support early in the week, then gapped down below the monthly and quarterly pivots on Wednesday. The SPX ended the week edging its way down close to monthly support, but holding above the September lows. This in turn developed an inside monthly uptrend confirmation.

What this means is that September was a DT and October was an UT. If the SPX closes lower than 3270 in November, then we have a three month corrective pattern that should remain bullish and keep the yearly uptrend in place as long as the SPX remains above the quarterly support zone QSZ @ 3107/3050.

The November monthly support is at MTFZ~S @ 3193/3156. With resistance at the monthly pivot at MP @ 3351, which also happens to be the QP. Good Luck and Trade Safe, in what is likely to be a wild couple weeks during the election outcome.

SPX ~ Pivot Zones