Source: nationalfutures.com
The PP of each monthly candle is depicted as a blue cross on the chart of the SPX below.
You can see, at a glance, where the current price is relative to those...giving an indication as to its relative strength/weakness as the price moves above/below each one in the coming days/weeks/months.
As of Friday's close, it's above the PP of the August 2017 candle and below all subsequent ones. A great deal of price resistance lies above, as well as an unfilled gap for April's candle.
I'm not confident that we'll see any convincing and sustainable strength arise anytime soon...due to the global crisis caused by the covid-19 pandemic.
However, volatility has abated somewhat recently, as depicted on the following SPX:VIX daily ratio chart.
All three RSI, MACD and PMO technical indicators are rising, but price is still below 60.00...a major price resistance level that must be recaptured and held if the SPX is going to have any chance of a recovery soon.
Otherwise, failure to do so, will likely mean lower prices in the coming days/weeks for the SPX, inasmuch as such high volatility levels are not the norm and are usually only sustained during periods of extreme economic and financial instability.
In any event, we'll likely see wild volatile swings in both directions until such time as the price on this ratio returns to, at least, the 200 level.
