S&P 500 near key resistance ahead of Warsh speech

The S&P 500 is still slow but keeps moving slightly to the upside ahead of Warsh’s speech, which will be in around 30 minutes or so. Now, when looking at the price action here on the S&P 500, we see this as a counter-trend rally after that five-wave decline from the August highs. Usually, an ABC correction can stop at the previous fourth wave. In that case, the interesting resistance zone comes in at 7764, which is around the 61.8% retracement. It looks very possible that the market will find new sellers up there, potentially causing a sharp drop. Confirmation would be a move below 7700, while the invalidation level is at 7837.