Our current view on the SPX is to wait and see how it reacts once it starts the new cycle and approaches previous resistance. We can see that it is close to completing the declining phase of the current cycle, which has lasted 20 days while the previous cycles were at 22, 17, and 22 days.
In any case, we expect that this week the SPX will likely begin the rising phase for the next cycle. While we recognize that the overall pattern is bullish, we focus on resistance at 2848 and 2873. As such, we will see how SPX reacts at those levels and perhaps develop a more specific projection.
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