Monday, February 15, 2016
SPS S&P 500 30-Minute Chart
The brown lines show the key S/R at 1942-1943, 1924, 1897, 1884, 1878, 1874, 1872, 1848, 1841 and 1808. The overhead resistance at 1872-1874 and wider at 1872-1878 is a serious ceiling for price. Market bulls have their work cut out for them to bust up through that tight resistance cluster. The 20-day MA resistance is at 1884-1885. Thus, you can group the price resistance levels and 20-day MA together for a 1872-1885 resistance gauntlet; bulls win big if they can break up through. Bears are okay if the 1872-1885 ceiling holds this week. Note how price danced to and fro above and below the 1848 level last week; watch this level closely as the days and weeks play out. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.