S &P heading into strong resistance ?
Hi Guys,
The S&P 500 again found plenty of buyers on the dip and has pushed price up with moentum towards what may be a strong resistance area.
The red highlighted box is the 1.27 retracement of bear market hgh to low. The Dow found resistance at the same retracement level.
The 0.68 fib extension of the last impulsive move up on the daily time frame is also within the box.
A butterfly with good fib ratios also has entry point there although I think the entry will be little higher than the 1.27 of the butterfly.
Price will also be back in the top of the channel where sellers have continually stepped in.
We may get a slight pullback on the 4hr before price heads up to the channel high.
Again, I will be looking for sell setups on LTF for pullback to enter long at previous resistance or support.
Depending on the selling pressure 5050 would be final profit target
Safe Trading all
The S&P 500 again found plenty of buyers on the dip and has pushed price up with moentum towards what may be a strong resistance area.
The red highlighted box is the 1.27 retracement of bear market hgh to low. The Dow found resistance at the same retracement level.
The 0.68 fib extension of the last impulsive move up on the daily time frame is also within the box.
A butterfly with good fib ratios also has entry point there although I think the entry will be little higher than the 1.27 of the butterfly.
Price will also be back in the top of the channel where sellers have continually stepped in.
We may get a slight pullback on the 4hr before price heads up to the channel high.
Again, I will be looking for sell setups on LTF for pullback to enter long at previous resistance or support.
Depending on the selling pressure 5050 would be final profit target
Safe Trading all
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