SPX has Major Resistance at 10-Week MA at 2880
See my latest video about the S&P 500 at thechartpatterntrader.com/
See my S&P 500 charts on page 1 and 2 of my chart list here: stockcharts.com/public/1092905
I'm looking for rejection near the 50 % retracement and here on the weekly chart there is major resistance at the 10-week moving average at 2880. There is major resistance around the 2800 area. I expect the Awesome Oscillator bar to turn back up over the next two weeks and turn green as prices drop back down to test the lows. The green bar would suggest that the selloff will create a tradable bottom followed by a much bigger counter trend to the 3000-3100 area.
TARGET FOR THE NEXT SELL OFF: 2100-2150
See my S&P 500 charts on page 1 and 2 of my chart list here: stockcharts.com/public/1092905
I'm looking for rejection near the 50 % retracement and here on the weekly chart there is major resistance at the 10-week moving average at 2880. There is major resistance around the 2800 area. I expect the Awesome Oscillator bar to turn back up over the next two weeks and turn green as prices drop back down to test the lows. The green bar would suggest that the selloff will create a tradable bottom followed by a much bigger counter trend to the 3000-3100 area.
TARGET FOR THE NEXT SELL OFF: 2100-2150
Penafian
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