Buying the dip has been working on an intraday basis recently, but the larger picture is that there are dips to buy almost every day. That means that $SPX is not making much progress. Despite breaking out on the upside from the triangle formation that had existed, it has run into resistance at 7580 and has failed to challenge the all-time highs at 7600-7620. This keeps the $SPX chart from being upgraded to "bullish." Rather, it is range-bound at best.
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This week, $SPX has tried to break out over the top of the triangle formation that has inhibited price movement since early June. Indicators have improved somewhat, so that is certainly a possibility. However, the next resistance level at 7600-7620 is the all-time highs, and there would need to be a clear breakout over that level in order to turn the $SPX chart to a fully "bullish" status.
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The market continues to consolidate in the triangle formation that we had pointed out previously. It is currently trying to break out on the upside. The pink lines on the chart in Figure 1 define the triangle. In a broad sense, a breakout above 7500 would be positive, or a breakdown below 7300 would be negative.
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There has been a considerable amount of intraday volatility, but $SPX has not changed much in net closing price. There is major resistance at the all-time highs, 7600-7620. There is strong support in the 7250-7275 area. Those are marked with horizontal lines on the chart in Figure 1.
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The market bounced back from its brief correction in early June, but $SPX has not yet recovered to new all-time highs. As a result, the $SPX chart itself is in a neutral state right now bound by resistance at 7600 (the all-time highs) and support at 7257 (last week's lows), with further support in the 7050-7175 range from late April. There was a gap on the $SPX chart that was filled yesterday, so it is no longer relevant.
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