S&P 500 tries to break $4200

SPX

Gradually, the S&P 500 index (SPX) has been approaching the resistance level at 4,200. Recently, the price movement has formed an ascending triangle pattern, which will only be confirmed if the index breaks and closes above 4,200. Should this happen, a new upward trend may begin with a target objective of 4,909.

However, buyers are likely to encounter resistance at 4,300 and 4,625, which may cause the price to fluctuate before reaching the target. On the other hand, if the price fails to break the resistance level, it could drop below the 20-day exponential moving average (EMA) at 4,070 and reach the uptrend line of the triangle. If the support breaks, the advantage may shift in favor of the bears.

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