Ahoy there Trader! ⚓️
It’s Phil…
SPX is testing its limits, flirting with the uptrend line and teasing traders with potential breaks. Will we see bearish dips, or will the bulls charge back above $6100? Let’s dive into the setups for both scenarios!
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SPX price action has been testing the patience of traders:
- Uptrend Drama: The well-established line saw another minor break. These “false alarms” have been frequent, making confirmation critical.
- Key Bear Level: Watch $6080—this is the potential bear trigger for short-term income swings.
- Key Bull Level: Above $6100, bullish momentum could return swiftly, minimizing downside risks.
- Short-term Outlook: A few bearish days might be on the horizon, followed by the next bullish surge.
Plan of Action:
- Be ready for bearish setups below $6080 but pivot quickly to bull triggers if $6100 breaks.
- Keep trades tight, allowing flexibility as price action unfolds.
Fun Fact:
SPX’s First Closing Price in History: The SPX debuted on March 4, 1957, with an initial price of 44.06. That’s right—44.06! Fast forward, and today, we’re talking thousands. A small reminder of just how much the market grows over time.
The SPX’s humble beginnings in 1957 underscore its journey as a powerhouse in the financial world. Starting at a modest 44.06, it reflects decades of economic growth and innovation. If this doesn’t scream “long-term wealth creation,” what does?
Happy trading,
Phil
Less Brain More Gain
…and may your trades be smoother than a cashmere codpiece