Structure and momentum is shaping up for the bulls. The key moving forward is if the bulls can keep up this progress on any dips.
For the first time since March 2022, the Big 3 indicator switched from bearish to neutral (red to gray) on the SPX weekly chart. This is a big shift in the favor of the bulls. It means that momentum is no longer supportive of a huge push lower on the weekly chart.
On the daily chart, the Big 3 signals also changed from bearish to neutral. The SPX is back above the daily 21 exponential moving average (EMA) and 50 simple moving average (SMA). There is a daily squeeze printing with a positive histogram. All of this suggests the bears are losing control on the daily chart as well.
The SPX hourly chart continues to print the Big 3 buy signal, as the market continues to grind higher.
In the video above, we’ll review the progress the bulls have made, define which spots we’ll look to take new trades, and analyze the U.S. Dollar (DXY).
Stay Focused!
