$SPX may bounce before February but trendline likely breaks.

$SPX Chart Update:

I can envision maybe a little weakness to begin the week then dip buyers buy up to close the week before the inauguration on the 20th.

So we can likely fill that Trump Bump gap around 5,782, maybe slightly overshoot to as low as 5,750 to hit that major support trendline before a bounce.

But these bounces will and should be sold into as I suspect that major blue support trendline will break by beginning of February.

$SPY HS y playing out. We might have a hard bounce up (bulls trap) and then down. I'm closing most of my long positions to the bounce up. pic.twitter.com/x6wG0UQcON

— Orutra (@newlive007) January 11, 2025