themarketzone

Was rejected this week by the broken uptrend and resistance zone

FX:SPX500   S&P 500 Index
$SPY was rejected this week following a re-test of previous record highs (or what I call the top of the False breaks trading range) and a re-test of broken uptrend line.

The situation in $SPX             is well explained in the chart as we have two different trading ranges - Main and extended (False Breaks range).

2060-2120$ is the main zone
2040-2130$ is the extended False Break trading range

Have a great weekend everyone and make sure you don't miss the next Weekly Markets Analysis
snapshot

To complement your outstanding work. 2130 will be a major hurdle for the bulls. #goldenphi
+1 Reply
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