18.05.202315:02 Forex Analysis & Reviews: Technical analysis on SPX for May 18th, 2023.

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Green line -support trend line

Yellow rectangle- major resistance

Green horizontal lines- Fibonacci extension targets

SPX is trading below its major resistance of 4,190-4,200. Price has made no real progress over the last 2 months as it continues trading below 4,200 and above 4,050. Price remains above the key green upward sloping support trend line. As long as price does not break the resistance we could see a bigger pull back to test the green support trend line at 3,990. A break above the yellow resistance area will open the way for a move towards 4.300-4,450. Short-term support is found at 4,100. Bulls do not want to see price break below 4,100 as this will increase chances for a deeper pull back.

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