orvilleawright

SPX500 (4H) trying to break resistance at 214x

FX:SPX500   S&P 500 Index
SPX500             (4H): Price bounced off support near 2100 and is currently trying to break through the resistance zone at 214x. This resistance is defined by previous support now resistance as well as the 50 SMA . Buyers who entered in the 212x zone could consider taking partial profits. Those looking to buy should wait for a strong break and retest of this resistance zone . This break should bring prices above the 50 SMA . Sellers should wait for bearish price action and note that there is resistance at 2100 zone. My upside targets are 216x (previous highs) then 218x (previous highs). My downside targets are 212x (previous lows) then 2110 (previous low) then 2100 (round number and 127.2% extension)
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