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$SPX Charting Fun
I'm currently writing my weekly market recap/outlook and am just having too much fun looking at my $SPX charts right now that I just had to share it! Some of the key items coming together in the last chart have me very excited for next week! Anyways, here's a sneak peek of the article.

"From a technical perspective, this pullback was alluded to with the bearish divergence in price action compared to RSI, though I didn’t make note of this at the time. Price kept hitting higher highs but RSI was making lower highs.

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Unfortunately, the channel we were watching in the below chart broke. So what have we got to look at this week?

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Lucky for us, I have three SPX charts today, so we have plenty of coverage! This below chart is probably the chart we look at the most. We have a Fibonacci retracement from the highs of January 2022 to the lows of October 2022 providing us with many key levels. In addition, we also have key SMAs in place with the 50, 100, and 200 day lines. And lastly, we also have a key level near 4,450 that we mentioned as a key level last week (shorter white line). Last week, we said that key 4,450 level will need to be broken before the fib level sitting at 4,310 becomes a target. This week, $SPX ended almost right on that line. Below is our comment last week on that level.

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This week, $SPX ended almost right on that line. The 50 day SMA also rose to sit right at that line as well. This spot will be a key level of support going into next week, however bearish momentum is strong, so this support could turn into resistance very quickly on Monday if we have a poor open."

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Find the rest of the article on my website https://dividollars.com/ later this weekend!

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