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SPX (S&P500 Index) - Potential Breakout Before Earnings 01/2023

SP:SPX   Indeks S&P500
The SPX (S&P500 Index) price is attempting to breakout above $4000, as earning season kicks off on 1/17/2023.

Bullish scenario: Inverse Head-and-Shoulder price pattern breaks out above $4000 resistance neckline zone. Resistance targets would then be $4085, $4300, $4600.

Bearish scenario: Double-top price pattern rejects price and drops back down to $3900, $3800, $3600. The bottom of the yellow descending wedge trendlines could be an area of support.


Note: be aware of any corporate earnings, breaking/global/fundamental news that could override technical chart setups. Fibonacci retracement levels were selected from 3/2020 to 1/2022.

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