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Forex Analysis & Reviews: SPX rejection at trend line resistance after the announcement of NFP.
time 02.12.2022 04:25 PM
time Relevance up to, 03.12.2022 04:25 PM

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Blue line- resistance

Green lines- Fibonacci retracements

SPX is trading around 4000-4020. In our previous analysis we warned bulls that price was very close to a key trend line resistance that so far has provided two rejections and trend reversals. Technically trend remains bullish in the short-term as price has not broken below the latest higher low at 3,937. As long as price is above this level, short-term trend will remain bullish. The RSI has not reached yet overbought levels, so there is still room to the upside. But the blue trend line at 4,100 is a very important resistance. So far we see price getting rejected at the resistance trend line. Traders need to be patient and bulls extra cautious.

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