April 19, 2016
- Resistance line in daily chart which has held from May 2015 has been violated today. Bulls may gain strength if price sustains above this line.
- Next Target for bulls is the Resistance zone Mentioned in the Month Chart. Bears now hoping for this zone to work so that a bigger correction can start again.
- Chart above is SPX Month Time frame.
- Price is inching closer to the All time high's again. Month chart shows candles giving several upper shadows between 2107 and 2134. Bulls were resisted here. Several attempts to move above this zone failed and a correction towards 1800 levels followed.
- It could turn more bullish if the month candle spends more time in this zone without leaving another upper shadow. Bears hoping for the opposite to happen.