Chart of the day

SPX is just near the 5000 and this could be a turning or the extension point. A break above this resistance will lead to an extension higher to possibly 5200.

Only a clear confirmed break below 4700 a rising wedge support is now required to invalidate the immediate upside extension. A confirmed break above the 5000 level will mean a new extension higher in the long-term fifth wave.

Short-term short trades could be opened here with a stop loss above 5070 or upon a break below 4700. Long SPX trades should be opened only upon a confirmed break above 5000 If you are a conservative trader you should wait for a break below 4700 to go short. Ahead of us are the earnings of the heavy-weighted SPX constituents which will shake the market.