SPX is going to test two macro trendlines soon. The first one, the top blue line on the chart, connects the peaks of 1929 and 2000. The second, red, is less obvious, but it has many touch points. It's an internal trendline that goes through the lows of 1932 and 1953 and the highs of 1987, 2007 and 2021.
The two trendlines intersect in December 2024 slightly above $6000, which is also an important psychological level. For the first time in 100 years they intersect and it seems the price action is likely to meet them at exactly that point!
Can the index break this resistance? For sure it can, the same way this similar trendline was broken in 1985:
But it's a danger zone and an important point to watch.
The two trendlines intersect in December 2024 slightly above $6000, which is also an important psychological level. For the first time in 100 years they intersect and it seems the price action is likely to meet them at exactly that point!
Can the index break this resistance? For sure it can, the same way this similar trendline was broken in 1985:
But it's a danger zone and an important point to watch.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.