SPX S&P 500 Index is on its 3rd and final stage of completing a head and shoulder price formation. After observing the trading activities of the Index in the last two weeks, we could clearly see that the there were two failed attempts to push the Index price above 2480 resulting in lower highs and lower lows. We are currently looking at two possible scenarios that might occur in the next couple of weeks
1. We might see the Index price fall below 2400 and possibly down to 2340 if failed to maintain trading activities above 2425 its current close.
2. The Index price could possibly hold its ground at 2425 and head backup to around 2460 to complete the head and shoulder price formation before heading down to 2400 support price level
1. We might see the Index price fall below 2400 and possibly down to 2340 if failed to maintain trading activities above 2425 its current close.
2. The Index price could possibly hold its ground at 2425 and head backup to around 2460 to complete the head and shoulder price formation before heading down to 2400 support price level