SPX: Hit a Key Resistance! What's next?
• The SPX hit its key resistance at 3,900 and it failed in breaking it;
• This is a sign of weakness, and by confirming a top sign under its resistance, a pullback is very likely to occur;
• The next support area on SPX is around 3,780 – 3,760, around the 21 ema and the previous top level seen on Oct 18 (red line);
• For now, let’s keep these support and resistance levels in mind. The index must react as soon as possible in order to avoid a correction, and if it breaks the resistance, the next target would be the 4,100 area.
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• This is a sign of weakness, and by confirming a top sign under its resistance, a pullback is very likely to occur;
• The next support area on SPX is around 3,780 – 3,760, around the 21 ema and the previous top level seen on Oct 18 (red line);
• For now, let’s keep these support and resistance levels in mind. The index must react as soon as possible in order to avoid a correction, and if it breaks the resistance, the next target would be the 4,100 area.
Remember to follow me to keep in touch with my analyses!
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