S&P 500 Index ( SPX ) and S&P 500 SPDRs ( SPY )
In this last session the S&P 500 Large Cap Index ( $SPX ) did exactly what I expected . The Low of 1086.02 was reached in the first 15 minutes of the session. The 180° reversal came with a positive test of a Fibonacci level at 1086.47 . From that point it was to 12:00 hours the Index oscillated between 1091 and 1088 . From that time the Index started to rise, in the 89th hour of the rise from 1044.5, and never looked back with a Close at 1102.94 or 0.60 points above the Fibonacci level at 1102.34 .
The EMAs 4-9-18 are now back in a positive order of [ 1103 - 1099 - 1096 ] respectively. The CCI (20) and the FSTO (14,3 ) are at this moment descending but with further upward movement in the Index that will also reverse. .
Since the Index gained 16.92 points in rising from 1086.02 to 1102.94 there may be a minor correction to perhaps 1096 in the next session if the first sub-leg has been completed. That will become evident after the Open.
If all is in alignment and the Index continues to rise, the significant potential targets / Resistance levels are shown below. Initial Resistance will be at 1106.19 and Support at 1102.34 and 1096.10.
S&P 500 $SPX
Resistance and Support Levels
- R3- 1132.45
- T3- 1120.80
- R2- 1114.97
- R1- 1108.95
- T1- 1107.51
- Fib- 1106.19
R4- 1149.93
- DC-1102.94
- Fib- 1102.34
- Fib- 1096.10
- S1- 1091.47
- S2- 1080.01
- S3- 1062.53
- S4- 1045.05
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The S&P 500 SPDRs ( SPY ) dropped to an intraday Low of 108.94 . From there it reversed and climbed to end the session at 110.67 . In the next session the initial Resistance and Support levels are 110.95 and 110.57 respectively. The complete data is given below.
S&P 500 SPDRs ( SPY )
Resistance and Support Levels
- R4- 115.55
- R3- 113.74
- R2- 111.93
- R1- 111.30
- Fib- 111.01
- DC- 110.67
- Fib- 110.57
- Fib- 109.94
- S1- 109.49
- Fib- 108.90
- S2- 108.31
- Fib- 107.25
- S3- 106.50
- S4- 104.69
