American Express $AXP was in a sharp bearish correction in December, from highs around $144.55 to a low around $89.05. In the previous update, we noted the importance of support here around $87, and that a break below would open up $80.American Express (AXP) Closing in on Support Around $87; $78-$80 is NextWe also mentioned expecting some support around the turn of the new year. Indeed, price found support just above $87 around the end of the year, and is starting 2019 above $95. AXP Daily Chart(click to enlarge)Resistance:- While it's a good sign that price held above $90 for the most part, I think it is too early to call this a bullish reversal, or bullish continuation in the long-term perspective.- I think AXP just completed its bearish swing and is pulling back up, but still has ways to go in terms of time. Meaning: AXP might not see much more downside below $90, but it might be entering a sideways market for a significant amount of time. - And who knows, we might actually still have more downside to $77-$80 if AXP breaks below $87.- Because of these risks, I would limit the bullish outlook for the current rebound to $100, maybe at most $104. - $100 is a psychological level and a previous support pivot. The $104 area is also a support/resistance pivot. The 200-day simple moving average is around $102. Therefore, we can expect some resistance as price approaches or enters into this $100-$104 area. - Furthermore, if the RSI is right around 60, and the overall market is still in bearish correction mode, we can expect selling to cycle in. - Finally, there is also the possibility of a V-shape reversal back into a bullish continuation. But I think this is a very low probability scenario compared to a longer period of consolidation/bearish correction scenario.