The longer price stays below a significant Resistance level,
the more FORMIDABLE that RESISTANCE BECOMES.
When important support at 2670, was breached in early December,
that breakdown caused an almost immediate drop to 2640 Support,
and then from there,the S+P has this week broke intermediate support
at 2603, with the spike low to 2583,before reversing to the upside,
in what could turn out to be a very significant reversal.
With a bullish Double Bottom at 2621 now in place,
once again the S+P is rallying back towards 2670.
This is an important rally to consider.
If price breaks above and closes decisively above this weeks
high at 2674,then the S+P will have the first important
and perhaps SIGNIFICANT evidence of a price bottom at 2600.
Please note this rally comes with a double edged sword.
Should this rally once again FAIL at the 2670 level,
then most assuredly the Bears will immediately come rushing back in,
with the current pattern suggesting this rally
may be the bulls last immediate attempt,to break out above 2670
Confirming evidence can be seen in the turn down
in 15 Min RSI, on 12/11/18 rally failure to 2670 !
2670 is THE Short/Intermediate Resistance Area
that the BULLS MUST OVERCOME.
Failure to do so,would continue to suggest
that the bulls remain TRAPPED
below 2670, in any rally attempt.
SPX Last 2636.78
THE_UNWIND
12/12/18 825AM
NEW YORK
the more FORMIDABLE that RESISTANCE BECOMES.
When important support at 2670, was breached in early December,
that breakdown caused an almost immediate drop to 2640 Support,
and then from there,the S+P has this week broke intermediate support
at 2603, with the spike low to 2583,before reversing to the upside,
in what could turn out to be a very significant reversal.
With a bullish Double Bottom at 2621 now in place,
once again the S+P is rallying back towards 2670.
This is an important rally to consider.
If price breaks above and closes decisively above this weeks
high at 2674,then the S+P will have the first important
and perhaps SIGNIFICANT evidence of a price bottom at 2600.
Please note this rally comes with a double edged sword.
Should this rally once again FAIL at the 2670 level,
then most assuredly the Bears will immediately come rushing back in,
with the current pattern suggesting this rally
may be the bulls last immediate attempt,to break out above 2670
Confirming evidence can be seen in the turn down
in 15 Min RSI, on 12/11/18 rally failure to 2670 !
2670 is THE Short/Intermediate Resistance Area
that the BULLS MUST OVERCOME.
Failure to do so,would continue to suggest
that the bulls remain TRAPPED
below 2670, in any rally attempt.
SPX Last 2636.78
THE_UNWIND
12/12/18 825AM
NEW YORK