As I mentioned in my post of March 12, 2750 was an important level for the SPX. It was where its counterpart, the S&P E-mini Futures Index broke below the bottom of a long-term uptrending Andrew's Pitchfork channel (taken from the 2009 low to 2020's high) and was trading at 2441.00 that day. Such a technical break usually signals that a new bearish trend would form. On March 23, the SPX hit a new low of 2191.86 and reversed the next day.
The SPX closed back above 2750 on April 9 and remains above as of Tuesday's close at 2846.06.
For short-term clues on the where the SPX may be headed, the important support and resistance levels are identified on the SPX:VIX ratio. As I mentioned above, if this ratio can reclaim the 80.00 level, its next target would be 100.00...and we'd see the SPX continue to rally under this scenario.
Conversely, should the SPX:VIX ratio break and hold below 60.00 once again, then we'll see the SPX plunge below 2750 and possibly make a new low...below that made on March 23.
