SPX: Approaching Wedge Resistance, High To Be Retested
Tim Knight | Feb 25, 2015 09:45AM ET
SPX is approaching wedge resistance and a broken trendline support, and those should intersect in the 2130 area tomorrow or Friday. Ideally the next short term high will be made there in that time frame. I’m not expecting any overthrow because I’m expecting this high to be retested and exceeded within a few weeks. That is when we may see an overthrow as SPX tests main resistance somewhere (by then) in the 2150-2200 area.h2 SPX daily chart/h2
I was saying on Friday that most of my optic run charts from the last low didn’t look cooked yet. That’s no longer the case and these all now look ready to break down soon. Screen 3x 15min SPX, INDU, TRAN charts:
In the case of RUT we may well have already seen the high now, though it might crawl up a little further. Screen 3x 15min NDX, RUT, NYSE Composite chart:
Support is at yesterday’s low at 2105.87 and the hourly 50 MA which is now at 2100.16. A break below yesterday’s low would be a warning sign, and a break below the 50 hour MA should signal that the indices are have topped or are topping for now. If we see a hit of the 2125 to 2130 area today that would be a very attractive short entry. We may well see an early dip that gets bought.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.