Back in December I posted a 20 year SPX chart similar to the one above. At the time, I estimated resistance to fall near 1140.
Skip forward 3 months and the chart posted above is an updated version. The next higher support/resistance line sits at approximately 1175. This coincides with the inverted head and shoulder target that I showed on Friday.
1175 provided support and resistance a few times. Notice back in 2001, once price breached this level, it backtested the line only to head lower. Is it possible we are seeing the same behavior again? Or do we get stuck in a range in the green zone?
Just some things to think about.
Hi Grand,
ReplyDeleteThat 1175 level is pretty close to where my count puts (c) of [y] = 1.618 x (a) of [y].
BTW, I know we are all looking for this rally leg to terminate soon, but it is still March - not 4/07! ;>
Blankfiend. LOL!!!!! Thank you!
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