S&P 500 SPX Price Analysis April 10, 2023

SPX

On April 6, the S&P 500 index (SPX) bounced back from a two-day correction, indicating positive sentiment among traders who buy on minor dips. The 20-day exponential moving average (EMA) is sloping upwards at 4,035, and the relative strength index (RSI) is in positive territory, increasing the chances of a rally towards 4,200.

Although this level has been a strong resistance in the past, it could be breached during the third attempt, leading to a potential challenge of the 4,300 resistance, which may be fiercely defended by bears. The index's first critical support on the downside is the 20-day EMA, and if it fails, the index could revisit the essential support at the 200-day simple moving average (SMA) of 3,944.

Let me know what you think!
Follow me for more TA!