Chart of the day

SPX is still hanging on the strong upside resistance of 4582. We must see a confirmed break above the indicated resistance for an extension higher in a possible fifth wave of the upside five.

I still see this as a fourth-wave consolidation; only a break below 4200 will invalidate that view. We need to see a clear confirmed break above 4580 for the upside fifth wave extended to be confirmed and for the long trade entry to be justified.

Short trades could be opened here with a stop just above 4600. Long trades should be opened only upon a break above 4600. The instrument could be rejected by a key resistance here.