jangseohee

R1 bear up to the challenge from bull?

INDEX:SPX   S&P 500 Index
313 0 4
Using just channel (from June 2013             ) and pivot point for weekly SPX             , i see that price is trying to challenge R1 again - 1989.80
We had a false break up few weeks ago. Price closed below the channel for a weekly candle but manage to crawl it back to the channel. This raise a question on the strength of the uptrend.

For the next few weekly bar, we would be able to find out whether R1 resistance holds up well.

In case the bull breaks R1 & 2000, there is a possibility of charging to channel top of 2131.25!
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