pstowe

SANTA RALLY: SPX 2600-2650 MAX UPSIDE TARGET

SP:SPX   S&P 500 Index
Using Gann Fan , Fibonacci, trend lines , and horizontal support resistance, I think there is a good chance of a continued market rally with maximum upside of 2650 over the 4-5 weeks. This area corresponds to horizontal resistance, two powerful trendlines , the 0.5 Fibonacci retracement from the 2350 low, and the Gann fan . All of these combine will be extremely strong resistance in this region.

The vast majority of traders know that much more downside is highly probable over the next 6-12 (maybe more) months. This means this bounce will be heavily shorted at resistance, and big money will be looking to sell more after any substantial bounce. This failed rally will likely lead to lower lows. However, if significant bad news comes out over the next few weeks, it could cut the bounce short, as sellers have control of the overall market on higher timeframes.
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