SPX: I still think it is bullish, but getting a bit weak

After this week, SPX is operating within a 4% price range. The most bullish case right now would be to break the upper range next week. Most bearish case would be to break the bottom of the range. Max pain would be to just mess around within the range.

Indicators are neutral to slightly bullish on weekly timeframe. RSI is kicking up above 50 which is bullish, MACD is steady; DI is shifting positive, but not full bullish yet. Right now, not telling much.

EW perspective, wave 4 is still valid and price should be in the early phase of wave 5. This can take some time to play out since wave 5 is usually a sucker's rally that initially sets up bear traps. We are already seeing potential diagonal structures in the lower timeframes. So, to keep it simple for now, I would say for now it is wait and see how things play out. Bullish above 4385, bearish below 4215. My personal bias is still to the upside and sold puts on Friday. If Friday's low breaks on Monday then I will be out of that.