fxtrader66

SPX is it at a resistance zone?

FX:SPX500   S&P 500 index of US listed shares
397 4 2
SPX             has been rallying non stop since the recent lows, and looks like it's at a resistance zone where I believe the -0.618 and upper TL of the pitchfan could act a resistance. A break below the 200 triple ema (TEMA) would confirm a correction (IMO) has started. Looking to short on signs of resistance up at upper TL and a break under the 200 TEMA.
fxtrader66
3 years ago
Here's an improvement of this chart. Fib from april low to may high, next correction support at 78.6 , rallied into august, corrected found support at the 38.2, rallied up to the -0.272 resistance, corrected to the 23.6, currently its back up near its -0.618 from the original fib from april to may.
snapshot
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sunny fxtrader66
3 years ago
thanks for both of these ideas. I like shorts but missed getting in near the top on this one.
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fxtrader66 sunny
3 years ago
You're welcome! It's hard to catch a top or bottom and lucky if one is caught. This chart points to an inflection point next week. My thoughts are, either the top is in and price is rangebound, not making a new high, just a fight over the trend, bears win and price drops next week. Or, price makes one more high next week before correcting. Inflection chart https://www.tradingview.com/e/mydVmwMI/

range chart https://www.tradingview.com/e/9nJBvMC1/#
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fxtrader66
3 years ago
snapshot
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