Last week, we looked at the SPX charts and there was a clear trend line that acted as resistance. At that time, a bounce was expected that would test this trendline at around 1630 to 1640.
If you missed that video, here it is..
Video for this week
On Friday, the SPX has broken thru this trendline. In this video, we analyze the outlook for this week, and we can notice a few resistance points to overcome. Friday’s job numbers were good, so there is definitely a bullish tone to the markets. However, we should watch how this sentiment reacts to overhead resistance points at 1645, 1655 and 1660.
Here is a video on this outlook, as well as a potential trade idea on the SPX