SPX is already showing signs that buyers are willing to step in.
The screenshot shows SPX around 0.4442 with a market capitalization near 412.71 million and a daily gain of approximately 1.64 percent. That is the type of relative strength I want to monitor when the broader market begins waking up.
The real confirmation would come from volume.
If SPX can hold above the 0.43 to 0.44 region while volume continues expanding, buyers could attempt another push through 0.46. A successful breakout there could turn the short term structure significantly stronger.
The broader market is also giving traders more reasons to pay attention. Bitcoin has recovered toward the mid 85000 to 86000 region, while several altcoins are beginning to show independent strength.
For SPX, the first major resistance zone is around 0.46 to 0.48.
Above that, 0.52 and 0.58 become the next areas I would watch.
If price falls below 0.41, the bullish setup becomes much less attractive.
EP: 0.435 to 0.445
TP: 0.48
TP: 0.52
TP: 0.58
SL: 0.41
The move has not been confirmed yet. That is exactly why I am watching it.
I am ready for the move.
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