Some thoughts on the index

This one is going to be controversial, I know... It's another one carrying on from my earlier central bank dominated market musings.

Take a look at the SPX chart below:

Indices market musings:

  • I keep speaking about markets sitting at resistance levels across the board.
  • With markets at resistance, my opinion was then that the market wanted to see more from last week's data and has possibly overpriced the Fed's expected timeline.
  • If that is the case, looking at the charts, could this be the start of a decent blow off heading into FOMC+NFP at the end of the week?