The 04/02/22 blog “S&P 500 – Decline Update” noted that the rally of the S&P 500 (SPX) since 03/14/22 had been strong and steady, and that the 4590 and was the most likely resistance area.
The 5-minute SPX chart courtesy of Trading View illustrates what happened on 04/04/22.
Note that even on an intraday chart the SPX rally is strong and steady. There were only two significant intraday declines that were brief in time and shallow in price. The SPX ended the 04/04/22 session at the high of the day and just below the Fibonacci .618 retracement of the 03/29/22 to 04/01/22 decline.
Its possible the SPX may be stopped at this resistance zone, however the action of Apple Inc. (AAPL) hints there could be more upside movement on 04/05/22.
The AAPL 5 – minute chart illustrates decline from 04/30/22 and its retracement.
AAPL finished the 04/04/22 session at the high of the day with a retracement of 84.5% of its 03/30/22 to 04/01/22 decline. The stock is now poised to reach its high at 178.48 made on 03/30/22. If AAPL can reach 178.48 it would only be 3.34 points or 1.8% from its all-time high of 182.94 made on 01/04/22.
The deep AAPL retracement hints the SPX could push above its resistance around the .618 retracement level. This push could come on 04/05/22. A move above SPX 4600 hints the next up wave is developing. If so, the SPX could reach 4800 sometime during the week of 04/11/22 to 04/15/22.
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