Bullish trend in SPX is intact

Good day everyone!!! As spx pulls back from 2940 towards 2920-2910 I continue to see this as a pull back before the resumption of the up trend towards 3000 points.

In the short-term SPX has pulled back towards 2920 support area and continues to trade around it. If we break below 2915 I expect prices to move towards 2900 which is my next support area.

 

The 2900 level is also the 61.8% Fibonacci retracement of the rise from 2876. Resistance is at 2930 and as long as we remain below it, prices are vulnerable to a move to 2900. For more free analysis follow me on twitter @alexanderyf

Thank you for  taking the time to catch up on my thinking.

Leave a Reply