=> The overhead resistance on the S&P 500 is very clear. If we break above we expect a move towards the channel top around the 3,060.
=> However, it was a screaming early alert signal for bulls not taking the all time highs last week and we are advising all clients caution in the weeks ahead here.
=> A close below 2,791 - 2802 would open up for a test of major support around the **2,662 - 2,666%% channel base and 55 week MA.
=> A weekly close below here will certainly imply the end of the economic cycle and give rise to greater caution.
=> The S&P has been above the 55MA for almost 2 and a half years. We are now seeing a wide gap between the 55-100 week moving average. Meaning that should the support give way we are set for a deep correction towards 2280 with an intermediate stop at the 2450 handle.
=> Good luck
=> However, it was a screaming early alert signal for bulls not taking the all time highs last week and we are advising all clients caution in the weeks ahead here.
=> A close below 2,791 - 2802 would open up for a test of major support around the **2,662 - 2,666%% channel base and 55 week MA.
=> A weekly close below here will certainly imply the end of the economic cycle and give rise to greater caution.
=> The S&P has been above the 55MA for almost 2 and a half years. We are now seeing a wide gap between the 55-100 week moving average. Meaning that should the support give way we are set for a deep correction towards 2280 with an intermediate stop at the 2450 handle.
=> Good luck
Trade closed: target reached
