If You Trade Mutual Funds, Keep This Important Level In Mind
SPX Weekly
Resistance
The S&P 500 Index (SPX) is
facing a monster weekly Fibonacci price resistance zone from 1191-1288. As we
look back this rally since the week of October 12, 2002 has lasted 110 weeks.
Who wouldathunkit, back in October that we were on the verge of a 54% rally in
the S&P that would last over 2 years?!
Regardless of what has already
happened, let us focus on this resistance zone and also note that we are
completing what looks to be a very clear 5 wave series up into this zone.
I’d be cautious about taking
long positions into this zone, as the bids will start to dry up right here.
Have a great day everyone!
Derrik