FX.co ★ Technical analysis on SPX for May 30th, 2023.

Green upward sloping line- support trend line

yellow rectangle- resistance area

Green horizontal lines- Fibonacci targets

SPX is exiting the resistance area shown by the yellow rectangle in the Daily chart. Price continues making higher highs and higher lows. The green support trend line has been respected so far and despite some weakness signs, support was never broken. SPX has upside potential to reach at 4,292 and even higher at 4,440. These two targets remain valid as long as price remains above 4,000 where we find the green trend line. If price breaks below 4,105, we should expect the green trend line to be challenged. Until then we remain bullish.