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Is the S&P 500 facing a 28-year breakout/resistance test as well as an important Fibonacci extension level at the same time? Looks like it is.
The chart looks at the S&P 500 since the early 1990s. It has spent the majority of the past 28 years inside of rising channel (1).
We applied Fibonacci extension levels to the 2007 highs and 2009 lows.
The S&P is now testing the top of this 28-year rising channel and its 261% extension level at the same time at (2).
Bulls would love to see a breakout of the channel and the Fibonacci extension level at the same time
Bears would love the S&P 500 to peak as it kisses the underside of the channel and the Fibonacci extension level.
This looks to be a very important price point for both the bulls and bears!
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