SPX 2765 CONSOLIDATION AND UP TO 2940-2972 OR HIGHER!!
SPX was not able to break out above 2940, even though it managed to get to 2953 then consolidated between 2953-2897 as there was resistance at 2940 price zone, Once it broke back below 2920-2900(2897) the downside continued lower to support zone 2775-2740(2766), then the market turned back up again. The upside is still in play as price objectives have not been completed.
Volatility is the new game in town and it will take many to the cleaners if not cautious in trading these are exceptional times.
FROM 2724-2972,2972-2780=A, 2780-2953(2940 double top)=B, 2953-2766=C this is a complex consolidation(flat) 2780-2720 is CRUCIAL Support, 2920-2940 & 2950-2975= Resistance, upside price targets still remain in place on break above 2972, T2=2990-3010 or R=3027-3040, above 3040 then expect 3138 or up to 3250.
OUTLOOK FROM 2724: 2724-2972=250(PT) therefore 2724-2972-2766= 3016(100%), 3084(127%),3171(162%)
FROM 2766= 2766-2868-2816= 2918(100%),2947(127%),2983(162%) in extension 3023-3088 or upto 3130.
Volatility is the new game in town and it will take many to the cleaners if not cautious in trading these are exceptional times.
FROM 2724-2972,2972-2780=A, 2780-2953(2940 double top)=B, 2953-2766=C this is a complex consolidation(flat) 2780-2720 is CRUCIAL Support, 2920-2940 & 2950-2975= Resistance, upside price targets still remain in place on break above 2972, T2=2990-3010 or R=3027-3040, above 3040 then expect 3138 or up to 3250.
OUTLOOK FROM 2724: 2724-2972=250(PT) therefore 2724-2972-2766= 3016(100%), 3084(127%),3171(162%)
FROM 2766= 2766-2868-2816= 2918(100%),2947(127%),2983(162%) in extension 3023-3088 or upto 3130.
