SP500 in my previous ideas, I pointed out a red trend line, which has been a battleground and an area bulls have been unable to establish as support.
Hypothetically, establishing support of the red trend-line would be the first and essential step in a move higher. Of course a move higher, would face near term resistance of channel resistance, the previous ATH around 2025, and then ultimately Fibonacci extension resistance around 3050 (yet to be tested).
Price was rejected near the 3000 area just before the close (the drop could be attributed to people not wanting to hold positions overnight).
I still believe bears are in control and maintain this bias unless bulls can somehow manage break above and take out the previous ATH.
Strong resistance near the 3000 level. Watching fro signs price breaking down from here.
Sooner or later, I am predicting a lower low, break below the channel heart-line and a retest of Dec 2018 lows.
Linked a couple related ideas, which show a view of the chart from a longer time-frame.
Hypothetically, establishing support of the red trend-line would be the first and essential step in a move higher. Of course a move higher, would face near term resistance of channel resistance, the previous ATH around 2025, and then ultimately Fibonacci extension resistance around 3050 (yet to be tested).
Price was rejected near the 3000 area just before the close (the drop could be attributed to people not wanting to hold positions overnight).
I still believe bears are in control and maintain this bias unless bulls can somehow manage break above and take out the previous ATH.
Strong resistance near the 3000 level. Watching fro signs price breaking down from here.
Sooner or later, I am predicting a lower low, break below the channel heart-line and a retest of Dec 2018 lows.
Linked a couple related ideas, which show a view of the chart from a longer time-frame.
