#SPX - 28122023
Yesterday, PZ worked perfectly to cap any selling as market went higher. 4796 continued to be a strong resistance, giving yet another sell down of 20 points to clear the lows before the rocket higher.
4804 resistance is next. Price action is bullish, trend is up. 4784 IMO would be a gift to go long to target 4824. For 4784 to trade, we would need a rejection off 4804 and a pullback from here IMO. No doubt I agree that market is in need of a pullback from the days of relentless up move (though if we see daily chart, the up move is much orderly and not overextended) so while I am cautious on the long side but path of least resistance is still up until shown otherwise.
4804 resistance is next. Price action is bullish, trend is up. 4784 IMO would be a gift to go long to target 4824. For 4784 to trade, we would need a rejection off 4804 and a pullback from here IMO. No doubt I agree that market is in need of a pullback from the days of relentless up move (though if we see daily chart, the up move is much orderly and not overextended) so while I am cautious on the long side but path of least resistance is still up until shown otherwise.
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