Conclusion for today’s S&P 500 forecast: Price closing below the 1 hour bullish trendline that is confirmed by momentum provides a sell signal.
SP:SPX trend analysis for today is examined today on an intraday timeframe (1 hour) with coverage of price action over the past 4 months. Two (2) major formations on the 1 hour timeframe to pay attention are the 1 hour timeframe bullish trendline and overhead resistance (supply zone) for the SPX 500.
The former highlights the build up of bullish momentum from December 26, 2018 to current date, while the latter (i.e. between 2818.85 and 280.36) indicates price region that must be overcome for the current bullish price swing to continue towards the previous price high of 2939.86.
In other words, price action closing above 2818.85 (upper boundary of resistance) does increase the chance of continuation of higher prices in the SPX 500. A close below the bullish trendline is bearish with 2349.33 offered as the minimum price target for the SPX 500.