ETF constituents of SPX (IN\X)are tearing through overhead resistance levels. At the same time, SPX is acting as a composite for all four ETF and running towards its overhead resistance.
In fact, as of this writing, WEEKLY $MID has broken through its long-term resistance line, whereas WEEKLY $SML is at the validation point - Not quite there yet.
This week should be a real pivotal moment for SPX and for the US Dollar as well, which has punctured through prior support levels in the EUR:USD pair and carved out a new base prior to resuming its range-bound trading:
OVERALL - Bearish dominant trend will get tested, but there are yet too little momentum behind current rally to expect a forceful break-through (albeit a consolidation prior to such break-out could still occur) - SPX's RSI is flirting with the 60-line and tapers off of it, corresponding to a significant, multi-year RSI overhead resistance level. Interestingly, PPO is also about to test its 12-month overhead resistance line in the DAILY chart below:
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