Below is the current SPX chart. Clearly it has two important overhead resistance if it breaks out to the upside or a lot of downside risk, which I believe is brewing for the longer term. Today's action is again another lethargic one like a ping-pong tossing between the resistance and support. I think we will see a resolution on way or the another next week. So far I'm still leaning towards the upside for the short term but we will have to wait and see. Patience is the key.
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