alanmasters

The S&P 500 Starts To Bounce? Support & Resistance Mapped

SPCFD:SPX   S&P 500 Index
The S&P 500 (SPX) is now starting to bounce.
The sellers are exhausted according to the indicators and we are seeing a strong jump taking place today.

We have more details on the chart above.

We believe that prices can bounce before producing one final strong drop , but it all depends on how these support and resistance levels are handled, we remain open to all scenarios.

If prices move up and stay above the "resistance zone", the bulls take control, but if they move lower, the "support zone" can be tested.

If prices for the SPX manages to go below the "support zone", then we can expect more red and lower targets as shown in my previous long-term weekly analysis.

If support holds, we can expect prices to move back up.
You can find my previous weekly analysis here: https://www.tradingview.com/u/alanmaster...

Thanks a lot for reading...
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Namaste.
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Comments

Looks gold will fall now to 1520! It means spx can close gaps on 3200 and even make new high 3450! I know it seems to be impossible :) but can happen very fast
Reply
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