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TFC Commodity Trading Forum

SPX/ At Critical Point *PIC*

The SPX since the beginning of June rallied a Fib 61.8% retracement of the April/June sell off. The pattern is a bullish inverse H&S but has stalled out at this significant resistance level plus the April lows resistance. Price has pulled back to its uptrendline which is also its 50ema and the 1340 price support that has recently be re-cleared. This pullback is the acid test of the rally. A solid close that holds below 1340 would suggest a failure of this rally and a significant selloff to begin. DX breaking out over its downtrendline will be a major factor.