This chart has been working effectively for a few months now regarding lower and upper Resistance & Support levels for the S&P 500. These levels are based on long term chart formations
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We have reached our initial support target (B) and are fast approaching our final support level (bottom right of shaded box)
Great idea on SPX500. In our case, we have a bearish bias. 5-day EMA is holding out nicely as resistance and price had recently reversed off the 61.8% fib retracement level which is slightly lower than the 61.8% fib level that you've identified. Stochastic is heading lower as well with good downside potential.
Please take a look at our idea and let us know what your think.
Please take a look at our idea and let us know what your think.