S&P 500 Index The week ahead

The S&P 500 Index testing the Highs

 

Looking at the $2,940 Price Reversal which occurred back in September 2018. This Monthly, Quarterly and Yearly S/R (Support and Resistance Price Level), is the next Major Price Reversal. The Index has closed over the previous Monthly Bullish Reversals, since the December low, indicating indicating Upward or Bullish momentum on a Monthly basis.

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These Bullish (Sept.) and Bearish (Dec.) Price Reversals correspond to The 52 Week High of $2,940 (September)  and The 52 Week Low of $2,346 (December). The Index is 4% under the 52 Week High (theTtarget) and 20% over the 52 Week Low, and 80% of the 52 Week High.

 

The Weekly S/R is at $2,805. So, a close this week over $2,805 is a continuation of the Bullish momentum., a close under, Bearish.

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Author: Trendanomics

Trend following the markets with simple trend following strategies.

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