Poised for Crucial Support Line Test

SPX is on track to test its channel's support line which is substantiated with CM_Ultimat_MA's reversal to red trajectory. This key testing event (at 1950-3980) will determine whether SPX continues its current bullish secondary trend or switches to a bearish stance which started in Jan'22. Most probably MA 200 are to be acted upon as a support level.

So potential developments:

- If the support line holds, traders could consider a long position, with the channel's upper resistance line as the profit-taking target. Await for a confirmation.

- If the price breaks the support line, a potential short position could be opened, with the next significant support level as the profit-taking target. Again await for a confirmation.

- High trading volume on the break could indicate a sustainable new trend.

Remember to exercise risk management, including setting stop losses and limiting position sizes on your trades.

These key developments for SPX is worth closely monitoring.