$SPX - Relief rally might be over... back to under $4,000 soon?
SPX has been experiencing a relief raly after the weekly and the daily charts were oversold however it has keey resistance levels are 4.2k and I expect to come back down as the ADX is still in the reset mode.
Bearish Scenario
Please be cautious as this rally might be short-lived. We might need to come back down to 3.6k and consolidate further before a full reversal.
Bullish Scenario
Even in a bullish scenario we still need the daily momentum indicators to drop down a bit and reset with price creating a new higher low/finding support around 4k.
Once we climb above 4.2k with momentum from the weekly and the monthly timeframes we should have another bull cycle. However, this might take at least a few month or worst case in early 2023.
Bearish Scenario
Please be cautious as this rally might be short-lived. We might need to come back down to 3.6k and consolidate further before a full reversal.
Bullish Scenario
Even in a bullish scenario we still need the daily momentum indicators to drop down a bit and reset with price creating a new higher low/finding support around 4k.
Once we climb above 4.2k with momentum from the weekly and the monthly timeframes we should have another bull cycle. However, this might take at least a few month or worst case in early 2023.
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