04.03 US Stocks: The SPX performed well last night, barely breaking through the short-term resistance level of 6582.1. The next resistance level is 6644 (200-day moving average). If it holds for 2 trading days,

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Last night, the SPX performed well, barely breaking through the short-term resistance level of 6582.1. The next resistance level is 6644 (200-day moving average). It needs to hold above 6644 for two consecutive trading days to have a chance of a reversal. If it encounters resistance at 6644, there is still a possibility of a drop to 6100. The US stock market has short bear markets and long bull markets, so we'll continue to wait patiently.

The bottom divergence of the indicator in the chart below suggests a possible rebound in the near term. However, judging by the candlestick structure, the real bottom is likely around 6100. It doesn't matter. If we can't pinpoint the "exact bottom," it's also fine to enter the market when we identify the reversal zone. Safety first.