SPX: Mired In Volatile 'Chaos Zone'
It's plain to see that the SPX is firmly stuck in between 3750 and 4200 (a very volatile 'Chaos Zone') as noted on the following daily chart.
It's had difficulty gaining sustained momentum to hold onto gains made above 3750, and to steadily increase its value...convincingly...since January of 2021.
A breakout and hold above 4200 could see a retest of its prior high of 4818.62 (hit on January 4, 2022).
Otherwise, a break and hold below 3750 could see a retest of 3500, or lower, to around 3000.
N.B. Unless absolute proof is produced to investors and traders that the entire U.S. banking system is safe and secure, including Regional banks, any breakout above 4200 could be considered shaky and short-lived...especially with inflation still near 40-year highs, the U.S. Fed still raising interest rates, and a recession looming this year.
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Disclaimer: All of my posts (and charts) contain solely my own technical analyses/opinions/observations (which may contain errors or omissions) of a variety of markets and are ...
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