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05.12.2022 11:01 PM
Short-term technical analysis on SPX for December 5th, 2022.

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Blue line -resistance

Green line- support

SPX is under pressure today. The week has not started well for bulls as price is breaking below Friday lows. The rejection at the blue downward sloping resistance trend line has been confirmed. However short-term trend remains bullish. As long as price is above the green support trend line we can remain short-term bullish. A break below the green trend line combined with the rejection at the blue trend line, would be a very important bearish signal. Currently price is at a very important junction and traders need to be cautious.

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