I believe SPX is forming an ascending triangle pattern. Usually, these patterns are bullish continuation patterns and we should see a bullish end of the year move above 3050.
In my previous SPX analysis we noted the importance of the Fibonacci support and we gave 3000 as a target if certain resistance levels were broken. With resistance at 3030, we should not be surprised if we see another rejection above 3000 points and a reversal towards 2900. Bulls need to be very cautious and protect their profits.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.