Market Long Term Key Resistance Level
You need to watch out for SPX 4320 level – In the above chart, the yellow line represents here 200 moving day avg. It is important that we close above this level by end of August 2022 and stay there in order to continue moving forward.
For any reason, if we get to this level and failed to close higher and go down then we can see the downtrend continue and possibly close all prior gaps downside.
That time focus would be shifted towards whether can we test the lows of this year. Time will tell. At this point.. highly likely to test $SPX 4300-4320 in the coming week or so and then we’ll see how MM takes it to the next level.
