SPX: Triangle Compression Builds Bullish Breakout
SPX holds ascending support at 0.33 with double bottom at 0.25, RSI at 99.82 and price at 0.53 inside Bollinger resistance.
SourceAnalysis
SPX continues forming higher lows beneath descending resistance, with buyers defending the ascending support zone after the pullback from the upper trendline.
The developing double bottom near 0.25 and respect for the rising trendline point to accumulation inside the tightening triangle bounded by 0.33 support and 0.49 resistance.
With price testing upper Bollinger resistance at $0.53 while RSI flashes overbought at 99.82, a healthy retracement to the 50-EMA support at $0.47 seems probable before further continuation, as the MACD death cross at 0.02 and EMA200 at $0.39 provide longer-term confluence for any SPX price prediction scenarios.
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