SPX -4-year rising trendline reverts to long-term resistance
SPX (S&P 500 Index) monthly neutral – 4-year rising trendline reverts to long-term resistance
SPX fell from its 2134.72 record peak (May 2015) to reach 1867.01 (August 2015), near 23.6% of the 1074.11/2134.72 rise (October 2011 low/May 2015 high), before consolidation took hold. If the 2020.86 area (September 2015 high) near the 4-year rising trendline (from October 2011 low, former support) now resistance could limit the rebound, it is possible to see a retest of 1867.01. Only a break below 1867.01 would extend the downleg towards 1820.66 (October 2014 low) ahead of 1737.92 (February 2014 low) near 50% of the 1074.11/2134.72 rise.
However, if bulls manage to reclaim the 2020.86 area and clear the trendline resistance, that would signal return of long-term strength towards 2134.72.
Outlook:
Daily: bullish
Weekly: bullish
Monthly: neutral
SPX fell from its 2134.72 record peak (May 2015) to reach 1867.01 (August 2015), near 23.6% of the 1074.11/2134.72 rise (October 2011 low/May 2015 high), before consolidation took hold. If the 2020.86 area (September 2015 high) near the 4-year rising trendline (from October 2011 low, former support) now resistance could limit the rebound, it is possible to see a retest of 1867.01. Only a break below 1867.01 would extend the downleg towards 1820.66 (October 2014 low) ahead of 1737.92 (February 2014 low) near 50% of the 1074.11/2134.72 rise.
However, if bulls manage to reclaim the 2020.86 area and clear the trendline resistance, that would signal return of long-term strength towards 2134.72.
Outlook:
Daily: bullish
Weekly: bullish
Monthly: neutral
