A Make or Break Zone For the SPX500

The second failed attempt on the $3,430 resistance exposes the SPX500 bulls to a serious risk. After selling off all the way down to $3,353 yesterday, the index is currently hovering around $3,400, which matches the top registered just before the coronavirus outbreak in late February 2020. 

If the SPX500 rally is to continue, the benchmark should make a decisive breakout through the $3,400-$3,430 resistance zone. A potential failure to do that will set it for a long and rough ride toward $3,200, en route to the crucial $2,936 support

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October 7, 2020