S&P 500 at crucial make or break level
The S&P Index is hovering above the 2068 mark which remains a crucial support zone at the market, measuring 3 multiple tops since early 2015 the S&P index is likely to test its 4th Monthly top in early 2016 at 2105 which is very likely to test in a few trading sessions.
From measuring the distance between June 2015 lows to early 2015 tops, we have a 9.23% difference (175.7 Points)
which is added to 2100 or 2105 which gives us a figure of 2270-2280 where S&P could find second resistance for the year 2016.
If the Index fails to sustain above 2105 & 2068, we are likely to re-test 1980 handle once again. Since we notice a Bearish Gartley pattern which is very common amongst retail investors & institutional traders.
From measuring the distance between June 2015 lows to early 2015 tops, we have a 9.23% difference (175.7 Points)
which is added to 2100 or 2105 which gives us a figure of 2270-2280 where S&P could find second resistance for the year 2016.
If the Index fails to sustain above 2105 & 2068, we are likely to re-test 1980 handle once again. Since we notice a Bearish Gartley pattern which is very common amongst retail investors & institutional traders.
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