$SPX July Roadmap: Key Monthly Levels Define the Next Move
Monthly levels set the structural tone for bullish or bearish momentum in an index or stock, while also serving as major boundaries that frame price action.
For example, $NVIDIA(NVDA)$ traded during June between 233 and 191, which marked the resistance and support boundaries around the Central Monthly Level (CML) of 214. Once the CML was breached on June 5th, it validated a bearish momentum flip. A similar pattern played out with the $S&P 500(.SPX)$ : once it lost its CML on June 5th, price found support at 7,302. What makes today’s price action interesting is the recovery back to 7,451, which is the Central Monthly Level for the month ending.
Below are the monthly levels for July. The recent bounce has been productive, the high volume highlighted in the Weekly Compass is being confirmed as a bullish signal, the SPX recovered 7,392 as indicated in the Saturday blueprint, reaching 7,491 as the primary target for the bounce 🎯
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