SPX approaching major resistance

SPX remains in a bullish trend after recapturing the key resistance at 2940. Price continues to make higher highs and higher lows while price is now back above 3000 points. Our first target level of 2980 has been reached after breaking 2940.

 

3080 is next, but major resistance is found at 3040.

SPX is trading inside a bullish channel with support at 2970-2980. As long as  price is above that level we expect price to continue higher towards 3040 first and 3080 next.

Price is above the Kumo (cloud) confirming bullish trend. There is no bearish divergence sign by the RSI in the short-term. Any pull back towards 3000-2980 is considered a buying opportunity. Key support at 2900 -2940 which was previously resistance.