Way of the SPX 500
Based on the chart and other factors, in the last session the Index completed a correction and started on the next up leg.
The initial resistance will be at 1097.01. After that level the Index will start "searching" for the termination point as the RIP ascends the ascending channel.
Target levels include :
------- 1105.37 - 1111.86 - 1116.48 - 1121.44 -----
At one of the levels there should be a reversal and a minor correction before the final push is made towards termination point. Assuming that 1121 is eventually taken out then 1158± becomes a likely target. If "conditions" are right "They" might take a run at 1228 but first the Index has lots to conquer before that can take place.
The calculated Resistance and Support values for Daily - Weekly and Monthly time periods are given below. You can see that the Daily Resistance levels match fairly closely with the above target levels.
RESISTANCE
- WR4- 1189.57
- WR3- 1156.51
- MR2- 1133.91
- DR4- 1129.58
- WR2- 1123.45
- DR3- 1117.12
- WR1- 1108.46
- DR2- 1104.66
- DR1- 1099.07
- MR1- 1085.05
SUPPORT
- DS1- 1086.61
- DS2- 1079.74
- WS1- 1075.40
- DS3- 1067.28
- WS2-1057.33
- DS4- 1054.82
- WS3- 1024.27
- MS1- 1003.64
- WS4- 991.21
DEFINITIONS
- DR-WR-MR
- Daily Resistance- Weekly Resistance- Monthly Resistance Levels
- DS-WS-MS
- Daily Support- Weekly Support- Monthly Support Levels
