The_Chart_Pattern_Trader

The_Chart_Pattern_Trader

The S&P 500 is coming up again stiff resistance at the 2800-2850 area. It could terminate the counter trend rally to test March 23 low. I will attempt to flip the trade from long to short at that area.

The_Chart_Pattern_Trader

SPX Counter Trend rally coming up to major resistance at the 2800 level. See the video on this at thechartpatterntrader.com

The_Chart_Pattern_Trader

The counter trend on the S&P 500 is likely coming to a conclusion this week. stockcharts.com

The_Chart_Pattern_Trader

The counter trend rally can continue to the next level of resistance at the 50 % retracement near 2800. As long as price holds above the clouds the counter trend will continue. It will likely complete this week.

The_Chart_Pattern_Trader

Fib Retracement to the 50 % level

The_Chart_Pattern_Trader

The counter trend will remain as long as prices hold above the cloud. The target is the 50 % fib retracement near the 2800 level.

The_Chart_Pattern_Trader

As long as the cloud holds we have a bullish reversal of conditions counter trend. This rally will fail the 20 day MA or the 50 % fib retracement. New video about this at thechartpatterntrader.com A tradable bottom at the next low for a larger counter trend.