El Tigre Newsletter, August 4th

$SPX, we have finally reached the famous $4154 price level…. now what? 

In the video I discuss $SPY, SPX, CAT and AMZN

$SPX, we have finally reached the famous $4154 price level…. now what? 

The last time SPX visited the $4154 price was in May of 2022 and we rejected that level pretty hard. But, something tells me this time around, things might be different.

SPX monthly time frame shows that $4191 is our next big resistance.

Below, if you use the traditional exponential moving average strategy, you know that price tends to visit its moving average more often than not. The 9-day exponential moving average on the monthly time frame is currently trading around $4191; this being said, we anticipate that SPX price will move higher to this.

SPX weekly time frame shows a potential squeeze is on its way.

Even if we don’t move above the $4154 level this week, we have ample enough support below us to see keep price action well positioned into the following week.