About 2 weeks ago SPX hit a confluence resistance area at R1 and top of reference channel. Since then SPX has corrected and held S1 support. Judging by the weekly candle stick price action and over bought conditions it's likely that SPX will correct down to S2 support near term.
Comments
nmike
⋅
>>>> hope you folks were paying attention to S1, watch the Fib retracements for short term downside targets, longer term could see SPY fall to S2
nmike
⋅
....next near term upside target to R1
QuantitativeExhaustion
⋅
1720?
nmike
⋅
......somewhere there yes.
Kurt0sis
⋅
Beautiful
KevinT
⋅
Should be on S2 now
JederkannGlueck
⋅
very good chart thanks !
nmike
⋅
>>>> S1 broken, read original comment. It's always a good idea to take some or all profits at major CONFLUENCE support / resistance levels, especially when the higher time frames are showing overbought / oversold conditions.
nmike
⋅
>>>> bullish candle bounce off S1 support
QuantitativeExhaustion
⋅
what a wild two days' we've witnessed .. who's in control?