S&P 500 Fractal...This Could Break All Time Highs for SPX

SPCFD:SPX   S&P 500 Index
S&P 500 is at an inflection point once gain. Will it break all time highs here? Will this retest of the key resistance level finally take us over the hump?

If we take a look at the weekly SPX chart from 2015-2016 we can see a potential fractal playing out again in 2018-now. SPX hit an all time high resistance and got rejected a few times to form an inverse head and shoulders .The head of the inv h&s found support at the 200-week MA before forming the right shoulder. The right shoulder found support at the 100-week MA and finally broke the market structure to form new all time highs before retesting support (former resistance), which is a very typical market move. After retesting this support it took off new new highs once again.

On the fundamentals side, with the trade talks expecting to produce common ground and positive results, we might get the push we need to finally break this resistance .
Comment: We have now surpassed the resistance level after a couple of weeks and are at the expected all time high. That is why it is so important to look at different timeframes but in older, traditional, markets this is even more beneficial. Let's see how this plays out in the coming weeks. It will be natural to go back and test resistance as support before another potential breakout.

Stay tuned!
Comment: The S&P 500 has hit 3,000. We will most likely go back and test support at some point. The FED announcement on July 31 could be the catalyst to then continue the bull run or could be the reason we retest and remain at support.
Comment: Regardless of market news you can see that the fractal is forming as planned. Whether it's the trade war with China, a slowdown in Europe's economy, the inverted yield curve, etc. the pattern is still playing out. Why? That's because the chart is the ultimate mapping of traders' psychologies. It's not so much about the news but how traders will react.

So far, this is playing out perfectly.


Thanks so much. I am looking at this in July 20 and it continue to align well.
thanks so much for the outlook boss
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