gllostocks
Short

Multiple Resistances for SPX500 at Low 2040s

FX:SPX500   S&P 500 index of US listed shares
This is my first published idea. I am looking for feedback, so please let me know your thoughts.

I believe that the S&P500             has little chance to break the 2040-2044 point. Not only is it up against resistance from a horizontal former support that it bounced off of 4 times the last 6 months, but it is also meeting the uptrend line from late 2011, which has already acted as resistance on September 17, 2015.

In addition to those resistances, as Tim West pointed out in one of his posts, there is very little past buying support at the levels right below the 2040 point. Here a quick pic to show it.
snapshot


If the price would break above the uptrend line from 2012, wouldn't that be a significant turning point for the stock?

So to summarize, I'm going short when the SPX500             gets close to 2040 because I believe there is not enough support to push it over the uptrend line that is formed from late 2011. I'll be setting my stop loss around the low 2060s, but I don't think it will come to that... and this is all assuming that there isn't horrible financial news over the weekend that doesn't allow it to get near 2040 and it just drops Monday morning from where it is now.

Let me know what you think.
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