The market continues to consolidate in the triangle formation that we had pointed out previously. It is currently trying to break out on the upside. The pink lines on the chart in Figure 1 define the triangle. In a broad sense, a breakout above 7500 would be positive, or a breakdown below 7300 would be negative.
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There has been a considerable amount of intraday volatility, but $SPX has not changed much in net closing price. There is major resistance at the all-time highs, 7600-7620. There is strong support in the 7250-7275 area. Those are marked with horizontal lines on the chart in Figure 1.
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The market bounced back from its brief correction in early June, but $SPX has not yet recovered to new all-time highs. As a result, the $SPX chart itself is in a neutral state right now bound by resistance at 7600 (the all-time highs) and support at 7257 (last week's lows), with further support in the 7050-7175 range from late April. There was a gap on the $SPX chart that was filled yesterday, so it is no longer relevant.
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In all, the correction from the early June highs to the lows of this week was about 5%. That was enough to at least temporarily remove the "bullish" designation from the $SPX chart. The Index has now fallen below its 20-day moving average, and there is resistance in the 7500-7520 area. A rise back above that area might be enough to restore the bullish scenario, but for the now the index is in a short-term negative trend.
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