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SPX Bull/Bear Battle Zone

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Shown on the following weekly chart of the S&P 500 Index (SPX) is a one-period moving average (hlc/3) in the form of a blue cross.

As such, each cross represents weekly support and resistance levels. I’ve chosen to highlight a zone/range taken from the moving average from the week of March 2 (resistance at 3003.54) to the week of April 6 (support at 2727.65). The midway level is 2865.

The Balance of Power (BOP) currently lies with the sellers on this weekly timeframe.

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