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Dr_Roboto
May 29, 2020 3:55 PM

S&P 500 moving to Resistance 2950 and Support 2800??? 

S&P 500SP

Description

Took a shot at the longer term trend of the S&P 500 from April through today. Looking to Monday to confirm my analysis.
  • If the down trend holds, then I expect the S&P 500 to establish a resistance level at 2950 and test the support of 2800 over the coming weeks.
  • If it rebounds, then up to 3140 or maybe even 3200.


What do you think?

Comment

Comments
altinAdam
Your end-of -month idea looks accurate. Could be head and shoulders half way completed. A smaller and a larger. Here is where the pros get off for the summer and all the new traders that bought robinhood accts take over. .Lets see how well they keep this propped up on their own. Sell in May and walk away...
kennypilanski
well done
LydiaAcua-Kleinschmidt
thanks for sharing
BradButler
I like your ideas
JanHudson
Nice chart
Miketinkle
Good job
ProfitHarvest
The forecast for next week is rainy with a chance of lightning and thunderstorms:
marketwatch.com/economy-politics/calendar

Lets see how the market holds up with that on top of everything else.
Dr_Roboto
@ProfitHarvest I don’t know. So far it has shrugged off lower than expected gdp and even more unemployment claims. In addition to a 4% mortality rate and the ability to spread a symptomatically, It seems that coronavirus also causes irrational exuberance.

I am stunned by how many days it has gone without a pullback. Today looked like it, but S&P finished in the green..

There was a lot of downward pressure today (a lot of long shadows on the candles) but it was met with equal and greater buying pressure. Hard to see what can stop this bull.
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