SPX ~ March Pivot Zones

The SPX continued higher to start February confirming a quarterly uptrend, but stalled out on day 2 at the upper quarterly pivot resistance zone QRZ 4115/4187. The SPX remained below the MRZ 4138/4174 the first half of the month before breaking down and fell below the MP, and reversing at time symmetry with the December correction.

The month of March began with a close below the February low close, confirming a monthly downtrend, then reversing with a bullish engulfing candle the very next day. The week ended with a weekly uptrend confirmed and a close above the March pivot 4036. Should the SPX continue higher above 4180, then we’ll have 5 monthly trends up from the October 2022 low. This would also reconfirm the quarterly uptrend and logically begin a new Bull Market.

My expectation for March, the SPX should remain above the MSZ 3910/3880 and continue up into the MRZ 4162/4192 with the potential for a breakout of the monthly/quarterly pivot zone confluence at the QRZ 4115/4187. As always caution of a continued failure at the QRZ, and a failure at the MP would send the SPX back down into the MSZ. Good Luck & Trade Safe!