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LoveForCharts
Feb 4, 2020 10:24 AM

SPX- Short term trend analysis - upward bias 

S&P 500 IndexTVC

Description

Upside Overview:

Short-Term Swing Trader (Few days to few weeks) –
Minor resistance zone from 3254-3277
Key short-term resitance zone from 3291-3312
S-T Fib Ext. Resistance/Target Zone runs from 3333-3352
On a push above 3352 the next S-T Fib Ext Resistance Target Zone runs from 3358-3373.

Downside Overview:

Short-Term Swing Trader (Few days to few weeks) –
On 1/27/20 the SPX tested and bounced off of the lower-end of a key support zone near 3235
A break of 3249 likely opens the door to a test of the previous low near 3215.
Intermediate-term support zone from 3203-3171

Look at where the 34 day and 13 day SMA lies, that will act as support/ resistance levels too

Given the position of the RSI, I have an upward bias
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