Bear envelop on SPX
The question is: Will the resistance mean from the S/R of 26 Sep 22 through the breakout of 24 Oct 22 hold.
The mean value is: 3649.
The current weeks retracement and enveloping, removing the last month, is targeting between 3554 - 3645.
There is the potential for mild resistance around 3830. Since this weeks low was 3827 with a close of 3852, this level has already begun to be tested.
If the levels don't hold, the potential for an decline of ~23% exists with a low target of 3157.
Play safe and keep your stops close.
-PriceProfit
The mean value is: 3649.
The current weeks retracement and enveloping, removing the last month, is targeting between 3554 - 3645.
There is the potential for mild resistance around 3830. Since this weeks low was 3827 with a close of 3852, this level has already begun to be tested.
If the levels don't hold, the potential for an decline of ~23% exists with a low target of 3157.
Play safe and keep your stops close.
-PriceProfit
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